SEC Info - Adviser Managed Trust - ‘N-CSRS’ for 1/31/24

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

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^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 84.7%
Australia — 0.5%
Ampol		293	$	7
ANZ Group Holdings		3,817		69
APA Group		1,449		8
Aristocrat Leisure Ltd		729		21
ASX Ltd		238		10
Aurizon Holdings Ltd		2,260		6
BHP Group		6,330		198
BlueScope Steel Ltd		570		9
Brambles Ltd		1,705		17
CAR Group		446		10
Cochlear Ltd		81		16
Coles Group Ltd		1,643		17
Commonwealth Bank of Australia		2,080		162
Computershare Ltd		667		11
CSL		608		121
Dexus ^‡		1,320		7
Endeavour Group		1,759		7
Fortescue		2,079		41
Goodman Group ^‡		2,078		35
GPT Group ^‡		2,352		7
IDP Education		256		3
IGO		837		4
Insurance Australia Group		3,026		12
James Hardie Industries PLC *		547		21
Lottery		2,732		9
Macquarie Group Ltd		451		57
Medibank Pvt Ltd		3,381		9
Mineral Resources		210		8
Mirvac Group ^‡		4,844		7
National Australia Bank Ltd		3,870		83
Northern Star Resources		1,423		12
Orica		556		6
Origin Energy Ltd		2,115		12


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pilbara Minerals		3,128	$	7
Qantas Airways *		1,135		4
QBE Insurance Group Ltd		1,823		19
Ramsay Health Care		226		8
REA Group		65		8
Reece		278		4
Rio Tinto Ltd		456		40
Santos Ltd		3,874		20
Scentre Group ^‡		6,372		13
SEEK Ltd		414		7
Sonic Healthcare		561		12
South32		5,631		13
Stockland ^‡		2,931		9
Suncorp Group Ltd		1,552		15
Telstra Group		4,965		13
Transurban Group		3,775		34
Treasury Wine Estates Ltd		886		6
Vicinity ^‡		4,750		6
Washington H Soul Pattinson & Co Ltd		266		6
Wesfarmers Ltd		1,393		54
Westpac Banking		4,455		71
WiseTech Global		220		11
Woodside Energy Group		2,331		50
Woolworths Group Ltd		1,493		36
Xero *		192		14
				1,502

Austria — 0.0%
Erste Group Bank AG		422		19
OMV		181		8
Verbund AG		84		7
voestalpine AG		142		4
				38

Belgium — 0.1%
Ageas		198		9
Anheuser-Busch InBev SA/NV		1,066		67
Argenx *		75		28
D'ieteren Group		31		6
Elia Group		41		5
Groupe Bruxelles Lambert SA		122		9
KBC Group NV		307		20
Lotus Bakeries		1		9
Sofina		19		5
Syensqo *		91		8
UCB SA		155		15
Umicore SA		257		6
Warehouses De Pauw CVA ^‡		212		6
				193

Denmark — 0.2%
AP Moller - Maersk A/S, Cl A		4		7
AP Moller - Maersk A/S, Cl B		6		11
Carlsberg A/S, Cl B		120		16


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Coloplast A/S, Cl B		177	$	21
Danske Bank A/S		847		23
Demant A/S *		113		5
DSV		230		41
Genmab A/S *		81		23
Novo Nordisk, Cl B		4,126		466
Novozymes A/S, Cl B		449		23
Orsted A/S		232		13
Pandora A/S		111		16
ROCKWOOL, Cl B		11		3
Tryg A/S		442		9
Vestas Wind Systems *		1,240		36
				713

Finland — 0.1%
Elisa		175		8
Fortum		551		7
Kesko, Cl B		335		6
Kone, Cl B		417		21
Metso		814		8
Neste Oyj		519		18
Nokia		6,643		24
Orion Oyj, Cl B		131		6
Sampo, Cl A		589		25
Stora Enso, Cl R		677		9
UPM-Kymmene		655		24
Wartsila Abp		581		9
				165

France — 0.7%
Accor SA		210		8
Aeroports de Paris		36		5
Air Liquide		643		121
Alstom SA		397		5
Amundi SA		75		5
Arkema SA		74		8
AXA SA		2,309		78
BioMerieux		51		6
BNP Paribas SA		1,364		93
Bollore SA		1,087		7
Bouygues SA		276		10
Bureau Veritas		361		10
Capgemini SE		201		45
Carrefour SA		729		13
Cie de Saint-Gobain		602		43
Cie Generale des Etablissements Michelin SCA		833		28
Covivio ^‡		68		3
Credit Agricole SA		1,494		22
Danone SA		788		53
Dassault Aviation		31		6
Dassault Systemes		818		43
Edenred		306		19


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Eiffage SA		102	$	11
Engie SA		2,242		36
EssilorLuxottica SA		364		72
Eurazeo SE		53		5
Eurofins Scientific		165		10
Euronext		105		9
Gecina SA ^‡		56		6
Getlink SE		540		9
Hermes International SCA		39		83
Ipsen		46		5
Kering		92		38
Klepierre SA ^‡		264		7
La Francaise des Jeux SAEM		129		5
Legrand		328		32
L'Oreal SA		297		144
LVMH Moet Hennessy Louis Vuitton		348		292
Orange SA		2,449		29
Pernod Ricard SA		253		42
Publicis Groupe		280		28
Remy Cointreau SA		29		3
Renault SA		236		9
Safran SA		420		79
Sanofi		1,436		146
Sartorius Stedim Biotech		34		9
Schneider Electric SE		687		137
SEB SA		31		4
Societe Generale SA		899		23
Sodexo SA		109		12
STMicroelectronics		839		37
Teleperformance		73		12
Thales SA		131		19
TotalEnergies		2,934		192
Unibail-Rodamco-Westfield *^‡		145		11
Veolia Environnement SA		817		27
Vinci SA		661		84
Vivendi SA		885		10
Worldline *		294		4
				2,312

Germany — 0.5%
adidas AG		199		38
Allianz		509		137
BASF		1,128		54
Bayer		1,206		38
Bayerische Motoren Werke		406		43
Bechtle		101		5
Beiersdorf AG		124		18
Brenntag AG		190		17
Carl Zeiss Meditec		49		5
Commerzbank AG		1,307		15
Continental AG		135		11
Covestro *		237		13
Daimler Truck Holding		626		23


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Delivery Hero, Cl A *		211	$	5
Deutsche Bank AG		2,537		33
Deutsche Boerse AG		233		47
Deutsche Lufthansa AG *		734		6
Deutsche Post		1,255		61
Deutsche Telekom AG		4,097		101
E.ON SE		2,756		37
Evonik Industries AG		257		5
Fresenius Medical Care AG & Co KGaA		252		10
Fresenius SE & Co KGaA		519		15
GEA Group AG		186		8
Hannover Rueck SE		74		18
Heidelberg Materials		178		17
HelloFresh *		201		3
Henkel AG & Co KGaA		128		9
Infineon Technologies		1,603		59
Knorr-Bremse		89		5
LEG Immobilien *		91		8
Mercedes-Benz Group		1,064		73
Merck KGaA		159		26
MTU Aero Engines AG		66		15
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		172		74
Nemetschek		71		7
Puma SE		130		5
QIAGEN		272		12
Rational		6		5
Rheinmetall		53		19
RWE AG		789		29
SAP SE		1,316		230
Scout24		98		7
Siemens		958		173
Siemens Energy *		638		10
Siemens Healthineers AG		346		19
Symrise, Cl A		163		17
Talanx		87		6
Volkswagen AG		36		5
Vonovia SE		879		28
Wacker Chemie		18		2
Zalando *		275		5
				1,631

Hong Kong — 0.1%
AIA Group Ltd		14,400		112
BOC Hong Kong Holdings Ltd		4,500		11
Budweiser Brewing APAC		2,100		3
CK Asset Holdings Ltd		2,500		11
CK Hutchison Holdings Ltd		3,500		18
CK Infrastructure Holdings Ltd		1,000		6
CLP Holdings		2,000		16
ESR Group		2,400		3
Futu Holdings ADR *		100		5
Galaxy Entertainment Group Ltd		3,000		16


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hang Lung Properties Ltd		2,000	$	2
Hang Seng Bank Ltd		900		9
Henderson Land Development Co Ltd		2,000		5
HKT Trust & HKT Ltd		5,000		6
Hong Kong & China Gas		14,000		10
Hong Kong Exchanges & Clearing Ltd		1,500		45
Link ^‡		3,120		16
MTR Corp Ltd		2,049		7
New World Development		2,000		2
Power Assets Holdings		1,500		9
Sands China Ltd *		2,800		7
Sino Land Co Ltd		4,150		4
SITC International Holdings		2,000		3
Sun Hung Kai Properties Ltd		2,000		19
Swire Pacific Ltd, Cl A		500		4
Swire Properties Ltd		1,400		3
Techtronic Industries Co Ltd		2,000		21
WH Group Ltd		10,000		6
Wharf Holdings Ltd/The		1,555		5
Wharf Real Estate Investment Co Ltd		2,000		6
Xinyi Glass Holdings		2,086		2
				392

Ireland — 0.7%
Accenture PLC, Cl A		3,483		1,267
AIB Group PLC		2,100		9
Bank of Ireland Group PLC		1,314		12
Eaton Corp PLC		2,192		540
Experian PLC		1,131		48
Jazz Pharmaceuticals PLC *		369		45
Kerry Group PLC, Cl A		196		18
Pentair PLC		887		65
Perrigo PLC		805		26
Smurfit Kappa Group PLC		303		11
				2,041

Israel — 0.0%
Azrieli Group		52		4
Bank Hapoalim BM		1,559		13
Bank Leumi Le-Israel		1,895		15
Check Point Software Technologies *		122		19
Elbit Systems Ltd		33		7
ICL Group		870		4
Israel Discount Bank, Cl A		1,519		7
Mizrahi Tefahot Bank Ltd		189		7
Nice Ltd *		78		16
Teva Pharmaceutical Industries ADR *		1,400		17
Wix.com Ltd *		100		13
				122

Italy — 0.2%
Amplifon		153		5
Assicurazioni Generali SpA		1,364		31
Banco BPM		1,511		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Davide Campari-Milano		642	$	6
DiaSorin		31		3
Enel SpA		9,985		69
Eni SpA		2,924		47
Ferrari		155		54
FinecoBank Banca Fineco		749		11
Infrastrutture Wireless Italiane		413		5
Intesa Sanpaolo SpA		19,815		61
Leonardo SpA		504		9
Mediobanca Banca di Credito Finanziario		729		10
Moncler SpA		252		16
Nexi *		725		6
Poste Italiane		641		7
Prysmian SpA		313		14
Recordati Industria Chimica e Farmaceutica		128		7
Snam SpA		2,476		12
Stellantis		2,761		61
Telecom Italia *		12,233		4
Tenaris		580		9
Terna - Rete Elettrica Nazionale		1,727		15
UniCredit SpA		2,265		67
				537

Japan — 1.5%
Advantest		1,000		40
Aeon Co Ltd		800		19
AGC Inc/Japan		200		8
Aisin		200		8
Ajinomoto Co Inc		600		25
ANA Holdings Inc *		200		4
Asahi Group Holdings		600		23
Asahi Intecc Co Ltd		300		6
Asahi Kasei		1,500		12
Astellas Pharma Inc		2,300		27
Azbil		100		3
Bandai Namco Holdings Inc		700		15
BayCurrent Consulting		200		5
Bridgestone Corp		700		31
Brother Industries Ltd		300		5
Canon Inc		1,200		34
Capcom		200		8
Central Japan Railway Co		1,000		25
Chiba Bank Ltd/The		700		5
Chubu Electric Power Co Inc		800		11
Chugai Pharmaceutical Co Ltd		800		29
Concordia Financial Group Ltd		1,300		6
Dai Nippon Printing		300		9
Daifuku Co Ltd		400		8
Dai-ichi Life Holdings Inc		1,200		27
Daiichi Sankyo Co Ltd		2,300		70
Daikin Industries Ltd		349		57
Daito Trust Construction Co Ltd		43		5


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Daiwa House Industry		700	$	22
Daiwa House Investment Corp, Cl A ^‡		3		5
Daiwa Securities Group		1,600		12
Denso Corp		2,048		33
Dentsu Group		200		5
Disco Corp		110		30
East Japan Railway Co		400		23
Eisai Co Ltd		300		14
ENEOS Holdings		3,300		14
FANUC		1,200		34
Fast Retailing		253		69
Fuji Electric Co Ltd		200		10
FUJIFILM Holdings Corp		500		32
Fujitsu Ltd		200		29
GLP J-REIT ^‡		5		5
Hamamatsu Photonics KK		200		8
Hankyu Hanshin Holdings Inc		300		9
Hikari Tsushin Inc		39		7
Hirose Electric		63		7
Hitachi Construction Machinery Co Ltd		100		3
Hitachi Ltd		1,200		96
Honda Motor Co Ltd		5,700		65
Hoshizaki		100		4
Hoya		439		57
Hulic Co Ltd		500		6
Ibiden		200		10
Idemitsu Kosan		1,000		6
Iida Group Holdings Co Ltd		200		3
Inpex		1,100		15
Isuzu Motors Ltd		700		10
ITOCHU Corp		1,500		69
Japan Airlines		200		4
Japan Exchange Group Inc		600		13
Japan Metropolitan Fund Invest ^‡		9		6
Japan Post Bank Co Ltd		1,800		19
Japan Post Holdings Co Ltd		2,600		25
Japan Post Insurance		200		4
Japan Real Estate Investment ^‡		2		8
Japan Tobacco Inc		1,500		40
JFE Holdings Inc		739		12
JSR		200		6
Kajima Corp		500		9
Kansai Electric Power Co Inc/The		900		12
Kao		600		24
Kawasaki Kisen Kaisha		200		10
KDDI Corp		1,900		64
KDX Realty Investment ^‡		5		5
Keisei Electric Railway Co Ltd		200		9
Keyence Corp		200		91
Kikkoman Corp		200		13
Kintetsu Group Holdings Co Ltd		200		6
Kirin Holdings Co Ltd		1,000		15


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kobe Bussan		200	$	5
Koei Tecmo Holdings		100		1
Koito Manufacturing Co Ltd		300		5
Komatsu Ltd		1,100		32
Konami Group		100		6
Kose Corp		100		7
Kubota		1,200		19
Kyocera Corp		1,600		24
Kyowa Hakko Kirin Co Ltd		300		5
Lasertec		100		27
LY		3,300		10
M3 Inc		500		8
Makita Corp		300		8
Marubeni Corp		1,900		33
MatsukiyoCocokara		600		11
Mazda Motor		700		9
McDonald's Holdings Co Japan Ltd		100		4
MEIJI Holdings Co Ltd		300		7
MINEBEA MITSUMI Inc		400		8
MISUMI Group		300		5
Mitsubishi Chemical Group		1,600		10
Mitsubishi Corp		4,800		84
Mitsubishi Electric Corp		2,400		36
Mitsubishi Estate Co Ltd		1,400		20
Mitsubishi HC Capital		800		6
Mitsubishi Heavy Industries Ltd		400		27
Mitsubishi UFJ Financial Group Inc		14,400		137
Mitsui & Co Ltd		1,700		70
Mitsui Chemicals Inc		200		6
Mitsui Fudosan Co Ltd		1,100		28
Mitsui OSK Lines Ltd		400		15
Mizuho Financial Group Inc		3,000		55
MonotaRO Co Ltd		300		3
MS&AD Insurance Group Holdings Inc		500		21
Murata Manufacturing Co Ltd		2,100		43
NEC Corp		300		20
Nexon Co Ltd		500		8
NIDEC CORP		500		19
Nintendo Co Ltd		1,300		74
Nippon Building Fund ^‡		2		8
NIPPON EXPRESS HOLDINGS INC		100		6
Nippon Paint Holdings Co Ltd		1,000		8
Nippon Prologis Inc ^‡		3		5
Nippon Sanso Holdings		200		5
Nippon Steel Corp		1,000		24
Nippon Telegraph & Telephone Corp		37,500		48
Nippon Yusen		600		21
Nissan Chemical		200		8
Nissan Motor Co Ltd		2,800		11
Nissin Foods Holdings Co Ltd		300		10
Nitori Holdings Co Ltd		100		13
Nitto Denko Corp		200		17


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nomura Holdings Inc		3,600	$	19
Nomura Real Estate Holdings Inc		100		3
Nomura Real Estate Master Fund ^‡		5		6
Nomura Research Institute Ltd		500		16
NTT Data Group		800		12
Obayashi Corp		800		8
Obic Co Ltd		100		16
Odakyu Electric Railway Co Ltd		400		6
Oji Holdings Corp		1,000		4
Olympus Corp		1,500		23
Omron Corp		200		9
Ono Pharmaceutical Co Ltd		400		7
Open House Group		100		3
Oracle Corp Japan		100		8
Oriental Land Co Ltd/Japan		1,400		53
ORIX		1,500		30
Osaka Gas Co Ltd		500		11
Otsuka Corp		100		4
Otsuka Holdings		500		20
Pan Pacific International Holdings Corp		500		11
Panasonic Holdings		2,700		26
Rakuten Group *		2,000		9
Recruit Holdings Co Ltd		1,800		73
Renesas Electronics Corp *		1,800		30
Resona Holdings Inc		2,700		15
Ricoh Co Ltd		700		6
Rohm Co Ltd		400		7
SBI Holdings Inc/Japan		300		7
SCSK		200		4
Secom		300		22
Seiko Epson Corp		300		4
Sekisui Chemical Co Ltd		400		6
Sekisui House		800		18
Seven & i Holdings Co Ltd		900		36
SG Holdings Co Ltd		400		5
Sharp Corp/Japan *		300		2
Shimadzu Corp		300		8
Shimano Inc		100		15
Shimizu Corp		700		5
Shin-Etsu Chemical		2,300		92
Shionogi & Co Ltd		300		15
Shiseido Co Ltd		500		14
Shizuoka Financial Group		500		5
SMC Corp/Japan		48		27
SoftBank		3,500		47
SoftBank Group Corp		1,300		57
Sompo Holdings Inc		400		21
Sony Group		1,600		161
Square Enix Holdings		100		4
Subaru Corp		800		16
SUMCO Corp		400		6
Sumitomo Chemical Co Ltd		1,800		4


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sumitomo Corp		1,400	$	33
Sumitomo Electric Industries		900		12
Sumitomo Metal Mining Co Ltd		300		8
Sumitomo Mitsui Financial Group Inc		1,600		84
Sumitomo Mitsui Trust Holdings Inc		800		17
Sumitomo Realty & Development		400		13
Suntory Beverage & Food Ltd		200		7
Suzuki Motor Corp		500		23
Sysmex Corp		200		11
T&D Holdings		700		12
Taisei		200		7
Takeda Pharmaceutical Co Ltd		2,000		60
TDK Corp		500		25
Terumo Corp		800		28
TIS		300		7
Tobu Railway Co Ltd		200		5
Toho Co Ltd/Tokyo		100		3
Tokio Marine Holdings Inc		2,300		62
Tokyo Electric Power Holdings *		1,900		10
Tokyo Electron Ltd		600		114
Tokyo Gas		500		12
Tokyu Corp		700		8
TOPPAN Holdings		300		8
Toray Industries Inc		1,700		9
Tosoh Corp		300		4
TOTO Ltd		200		5
Toyota Industries Corp		200		17
Toyota Motor Corp		13,300		273
Toyota Tsusho Corp		300		20
Trend Micro Inc/Japan *		200		12
Unicharm Corp		500		17
USS Co Ltd		300		6
West Japan Railway Co		300		13
Yakult Honsha Co Ltd		400		9
Yamaha		200		4
Yamaha Motor Co Ltd		1,200		12
Yamato Holdings Co Ltd		300		5
Yaskawa Electric Corp		300		12
Yokogawa Electric Corp		300		6
Zensho Holdings		100		5
ZOZO Inc		200		4
				4,770

Netherlands — 0.4%
ABN AMRO Group NV		496		7
Adyen NV *		27		34
Aegon		2,201		13
AerCap Holdings NV *		260		20
Airbus SE		749		120
Akzo Nobel NV		223		17
ArcelorMittal		647		18
ASM International		58		33
ASML Holding NV		507		440


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ASR Nederland		221	$	11
BE Semiconductor Industries		105		16
DSM-Firmenich		239		25
EXOR		133		13
Heineken		370		38
Heineken Holding NV		141		12
IMCD		70		11
ING Groep NV		4,575		66
JDE Peet's		123		3
Koninklijke Ahold Delhaize		1,227		35
Koninklijke KPN NV		4,055		14
Koninklijke Philips NV *		1,140		24
NN Group NV		371		15
OCI		129		4
Prosus		2,145		64
Randstad NV		147		8
Universal Music Group		983		29
Wolters Kluwer NV		316		47
				1,137

New Zealand — 0.0%
Auckland International Airport Ltd		1,546		8
EBOS Group		199		5
Fisher & Paykel Healthcare Corp Ltd		722		10
Mercury NZ		873		4
Meridian Energy Ltd		1,584		5
Spark New Zealand Ltd		2,300		8
				40

Norway — 0.0%
Adevinta, Cl B *		358		4
Aker BP ASA		388		10
DNB Bank		1,142		22
Equinor		1,170		34
Gjensidige Forsikring ASA		246		4
Kongsberg Gruppen		109		6
Mowi ASA		508		9
Norsk Hydro ASA		1,651		10
Orkla ASA		922		7
Salmar		80		4
Telenor ASA		859		10
Yara International ASA		203		7
				127

Portugal — 0.0%
EDP - Energias de Portugal SA		3,596		16
EDP Renovaveis		388		6
Galp Energia SGPS		615		10
Jeronimo Martins SGPS SA		348		8
				40

Singapore — 0.1%
CapitaLand Ascendas ^‡		4,100		9
CapitaLand Integrated Commercial Trust ^‡		6,500		10


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CapitaLand Investment		3,200	$	7
City Developments Ltd		500		2
DBS Group Holdings Ltd		2,200		52
Genting Singapore Ltd		7,400		6
Jardine Cycle & Carriage Ltd		100		2
Keppel Corp Ltd		1,800		10
Mapletree Logistics Trust ^‡		4,100		5
Mapletree Pan Asia Commercial Trust ^‡		2,900		3
Oversea-Chinese Banking Corp Ltd		4,200		41
Sea Ltd ADR *		500		19
Seatrium *		56,832		4
Sembcorp Industries Ltd		1,200		5
Singapore Airlines Ltd		1,600		8
Singapore Exchange Ltd		1,100		8
Singapore Technologies Engineering		1,900		5
Singapore Telecommunications		10,100		18
United Overseas Bank Ltd		1,600		34
UOL Group Ltd		600		3
Wilmar International Ltd		2,400		6
				257

Spain — 0.2%
Acciona		30		4
ACCIONA Energias Renovables		81		2
ACS Actividades de Construccion y Servicios		279		11
Aena SME SA		92		16
Amadeus IT Group SA, Cl A		553		39
Banco Bilbao Vizcaya Argentaria SA		7,403		70
Banco Santander SA		20,618		84
CaixaBank SA		5,443		23
Cellnex Telecom		694		27
Enagas SA		306		5
Endesa SA		390		8
Ferrovial		598		23
Grifols *		366		4
Iberdrola		7,559		92
Industria de Diseno Textil SA		1,339		58
Naturgy Energy Group		179		5
Redeia		498		8
Repsol SA		1,691		25
Telefonica SA		6,381		26
				530

Sweden — 0.2%
Alfa Laval		356		13
Assa Abloy AB, Cl B		1,230		34
Atlas Copco, Cl A		3,298		53
Atlas Copco, Cl B		1,916		27
Beijer Ref, Cl B		356		5
Boliden		368		10
Epiroc, Cl A		809		14
Epiroc, Cl B		479		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
EQT AB		436	$	12
Essity AB, Cl B		748		18
Evolution		224		27
Fastighets Balder, Cl B *		775		5
Getinge, Cl B		281		6
H & M Hennes & Mauritz, Cl B		897		13
Hexagon, Cl B		2,667		29
Holmen, Cl B		115		5
Husqvarna, Cl B		515		4
Industrivarden, Cl A		160		5
Industrivarden AB, Cl C		189		6
Indutrade		335		8
Investment Latour, Cl B		182		5
Investor, Cl B		2,237		53
L E Lundbergforetagen AB, Cl B		93		5
Lifco, Cl B		286		7
Nibe Industrier, Cl B		1,861		11
Nordea Bank Abp		4,061		50
Saab, Cl B		86		6
Sagax, Cl B		234		6
Sandvik AB		1,309		28
Securitas AB, Cl B		604		6
Skandinaviska Enskilda Banken AB, Cl A		1,984		28
Skanska AB, Cl B		418		7
SKF AB, Cl B		471		9
Svenska Cellulosa, Cl B		744		10
Svenska Handelsbanken AB, Cl A		1,791		20
Swedbank AB, Cl A		1,112		23
Swedish Orphan Biovitrum *		238		7
Tele2 AB, Cl B		697		6
Telefonaktiebolaget LM Ericsson, Cl B		3,583		20
Telia Co AB		3,263		8
Volvo, Cl A		246		6
Volvo AB, Cl B		1,853		45
Volvo Car, Cl B *		732		2
				670

Switzerland — 0.7%
ABB Ltd		2,025		87
Adecco Group AG		196		9
Alcon Inc		613		47
Avolta *		99		4
Bachem Holding, Cl B		41		3
Baloise Holding AG		56		9
Banque Cantonale Vaudoise		37		5
Barry Callebaut		4		6
BKW		26		4
Chocoladefabriken Lindt & Spruengli AG		3		38
Cie Financiere Richemont SA, Cl A		660		99
Clariant AG		265		3
Coca-Cola HBC AG		288		8
EMS-Chemie Holding AG		9		7
Geberit		44		26


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Givaudan		12	$	50
Helvetia Holding		53		8
Holcim		681		52
Julius Baer Group Ltd		262		14
Kuehne + Nagel International AG		67		23
Logitech International		213		18
Lonza Group AG		91		45
Nestle SA		3,427		394
Novartis AG		2,571		268
Partners Group Holding AG		28		38
Roche Holding		39		12
Roche Holding AG		877		252
Sandoz Group *		514		18
Schindler Holding		79		20
SGS		196		18
SIG Group		375		8
Sika AG		194		54
Sonova Holding AG		64		21
Straumann Holding		137		21
Swatch Group		36		9
Swatch Group AG/The		65		3
Swiss Life Holding AG		38		27
Swiss Prime Site AG		94		10
Swiss Re AG		370		43
Swisscom AG		32		19
Temenos AG		78		8
UBS Group		4,155		126
VAT Group		33		16
Zurich Insurance Group AG		185		95
				2,045

United Kingdom — 0.9%
3i Group PLC		1,195		38
Abrdn PLC		2,490		5
Admiral Group PLC		278		9
Anglo American PLC		1,560		38
Antofagasta PLC		484		11
Ashtead Group PLC		539		36
Associated British Foods PLC		437		13
AstraZeneca PLC		1,944		260
Auto Trader Group PLC		1,144		11
Aviva		3,441		19
BAE Systems PLC		3,792		57
Barclays PLC		19,465		37
Barratt Developments PLC		1,230		8
Berkeley Group Holdings		133		8
BP PLC		21,961		129
British American Tobacco PLC		2,688		80
BT Group PLC, Cl A		8,534		12
Bunzl PLC		414		17
Burberry Group PLC		472		8
Centrica PLC		6,674		12
Compass Group PLC		2,157		60


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CRH		917	$	66
Croda International PLC		171		10
DCC PLC		121		9
Diageo PLC		2,791		102
Endeavour Mining		210		4
Entain PLC		723		9
Flutter Entertainment *		215		45
Glencore PLC		13,288		71
GSK		5,091		102
Haleon		7,153		29
Halma PLC		466		13
Hargreaves Lansdown PLC		437		4
Hikma Pharmaceuticals PLC		203		5
HSBC Holdings PLC		24,766		195
Imperial Brands PLC		1,099		26
Informa PLC		1,750		17
InterContinental Hotels Group PLC		215		20
Intertek Group PLC		198		11
J Sainsbury PLC		2,159		7
JD Sports Fashion		3,166		5
Kingfisher PLC		2,398		7
Kingspan Group PLC		190		16
Land Securities Group PLC ^‡		865		7
Legal & General Group PLC		7,333		24
Lloyds Banking Group PLC		82,595		45
London Stock Exchange Group PLC		528		60
M&G PLC		2,738		8
Melrose Industries		1,835		14
Mondi		542		10
National Grid PLC		4,668		63
NatWest Group		7,234		21
Next PLC		159		17
Ocado Group PLC *		709		5
Pearson PLC		793		10
Persimmon PLC		392		7
Phoenix Group Holdings PLC		921		6
Prudential PLC		3,375		35
Reckitt Benckiser Group PLC		879		64
RELX PLC		2,351		98
Rentokil Initial PLC		3,094		16
Rio Tinto PLC		1,400		98
Rolls-Royce Holdings PLC *		10,273		39
Sage Group PLC/The		1,252		19
Schroders		1,088		6
Segro PLC ^‡		1,485		17
Severn Trent PLC		309		10
Shell		8,501		265
Smith & Nephew PLC		1,069		15
Smiths Group PLC		435		9
Spirax-Sarco Engineering PLC		90		11
SSE PLC		1,327		28
St. James's Place PLC		668		6


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Standard Chartered PLC		3,021	$	23
Taylor Wimpey PLC		4,336		8
Tesco PLC		9,087		33
Unilever PLC		3,133		153
United Utilities Group PLC		837		11
Vodafone Group PLC		29,270		25
Whitbread PLC		248		11
Wise, Cl A *		742		8
WPP PLC		1,315		13
				2,959

United States — 77.6%
Communication Services — 6.7%
Alphabet Inc, Cl C *		27,685		3,926
Alphabet Inc, Cl A *		32,779		4,592
AMC Entertainment Holdings, Cl A *		350		1
AT&T Inc		39,427		698
Cable One Inc		35		19
Charter Communications Inc, Cl A *		552		205
Comcast Corp, Cl A		21,998		1,024
Electronic Arts Inc		1,484		204
Fox Corp		2,156		68
Frontier Communications Parent *		1,469		36
IAC *		461		23
Interpublic Group of Cos Inc/The		2,087		69
Iridium Communications		745		27
Liberty Broadband Corp, Cl A *		105		8
Liberty Broadband Corp, Cl C *		675		53
Liberty Media -Liberty Formula One, Cl C *		1,050		71
Liberty Media -Liberty Formula One, Cl A *		126		8
Liberty Media -Liberty Live, Cl A *		118		4
Liberty Media -Liberty Live, Cl C *		283		11
Liberty Media -Liberty SiriusXM *		928		28
Liberty Media -Liberty SiriusXM, Cl A *		450		14
Live Nation Entertainment Inc *		849		75
Madison Square Garden Sports *		112		21
Match Group *		1,503		58
Meta Platforms, Cl A *		12,201		4,760
Netflix Inc *		2,380		1,343
New York Times, Cl A		864		42
News Corp, Cl B		710		18
News Corp, Cl A		2,047		50
Nexstar Media Group Inc, Cl A		197		35
Omnicom Group Inc		1,074		97
Paramount Global, Cl B		3,458		50
Paramount Global, Cl A		59		1
Pinterest, Cl A *		3,194		120
Playtika Holding *		141		1
ROBLOX, Cl A *		2,528		98
Roku Inc, Cl A *		665		59
Sirius XM Holdings		3,708		19
Spotify Technology *		767		165
Take-Two Interactive Software Inc *		902		149


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
TKO Group Holdings, Cl A		258	$	22
T-Mobile US Inc		2,881		464
Trade Desk Inc/The, Cl A *		2,412		165
TripAdvisor Inc *		612		13
Verizon Communications Inc		23,188		982
Walt Disney Co/The		10,076		968
Warner Bros Discovery *		12,031		120
ZoomInfo Technologies, Cl A *		1,580		25

				21,009
Consumer Discretionary — 8.1%
ADT Inc		1,253		8
Advance Auto Parts Inc		355		24
Airbnb, Cl A *		2,227		321
Amazon.com Inc *		49,701		7,714
Aramark		1,410		41
AutoNation Inc *		162		23
AutoZone Inc *		97		268
Bath & Body Works		1,234		53
Best Buy Co Inc		1,057		77
Birkenstock Holding *		200		9
Booking Holdings Inc *		197		691
BorgWarner Inc		1,399		47
Boyd Gaming Corp		378		24
Bright Horizons Family Solutions Inc *		345		34
Brunswick Corp/DE		369		30
Burlington Stores Inc *		350		67
Caesars Entertainment *		1,108		49
Capri Holdings Ltd *		655		32
CarMax Inc *		853		61
Carnival Corp *		5,409		90
Carter's Inc		224		17
Chipotle Mexican Grill, Cl A *		151		364
Choice Hotels International Inc		173		21
Churchill Downs Inc		382		46
Columbia Sportswear Co		216		17
Coupang, Cl A *		5,959		83
Crocs *		364		37
Darden Restaurants Inc		658		107
Deckers Outdoor Corp *		143		108
Delphi Automotive PLC *		1,477		120
Dick's Sporting Goods Inc		323		48
Domino's Pizza Inc		190		81
DoorDash, Cl A *		1,675		175
DR Horton Inc		1,708		244
DraftKings, Cl A *		2,272		89
eBay Inc		2,917		120
Etsy Inc *		710		47
Expedia Group Inc *		750		111
Five Below Inc *		295		53
Floor & Decor Holdings Inc, Cl A *		562		56
Ford Motor Co		21,535		252
GameStop, Cl A *		1,610		23


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Gap Inc/The		1,166	$	22
Garmin Ltd		837		100
General Motors Co		7,537		292
Gentex Corp		1,409		47
Genuine Parts Co		765		107
Global-e Online, Cl E *		132		5
Grand Canyon Education *		184		24
H&R Block Inc		777		36
Harley-Davidson Inc		807		26
Hasbro Inc		788		38
Hilton Worldwide Holdings Inc		1,367		261
Home Depot		5,515		1,947
Hyatt Hotels Corp, Cl A		264		34
Kohl's Corp		659		17
Las Vegas Sands Corp		2,008		98
Lear Corp		310		41
Leggett & Platt		798		18
Lennar Corp, Cl B		89		12
Lennar Corp, Cl A		1,344		201
Lithia Motors, Cl A		145		43
LKQ Corp		1,443		67
Lowe's		3,181		677
Lucid Group *		4,461		15
Lululemon Athletica Inc *		611		277
Macy's Inc		1,616		29
Marriott International Inc/MD, Cl A		1,339		321
Marriott Vacations Worldwide Corp		224		19
Mattel Inc *		2,108		38
McDonald's		4,020		1,177
MGM Resorts International		1,527		66
Mister Car Wash *		478		4
Mohawk Industries Inc *		315		33
Murphy USA Inc		104		37
Newell Brands		2,264		19
NIKE Inc, Cl B		6,549		665
Nordstrom Inc		671		12
Norwegian Cruise Line Holdings Ltd *		2,508		45
NVR Inc *		16		113
Ollie's Bargain Outlet Holdings Inc *		374		27
O'Reilly Automotive Inc *		325		332
Peloton Interactive, Cl A *		1,848		10
Penn Entertainment *		926		21
Penske Automotive Group Inc		120		18
Petco Health & Wellness, Cl A *		482		1
Phinia		280		8
Planet Fitness, Cl A *		500		34
Polaris		330		30
Pool Corp		206		76
PulteGroup Inc		1,170		122
PVH Corp		321		39
QuantumScape, Cl A *		1,546		10
Ralph Lauren Corp, Cl A		243		35


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
RH *		97	$	25
Rivian Automotive, Cl A *		3,576		55
Ross Stores		1,843		259
Royal Caribbean Cruises Ltd *		1,281		163
Service Corp International/US		857		57
Skechers USA, Cl A *		715		45
Starbucks		6,212		578
Tapestry Inc		1,229		48
Tempur Sealy International Inc		895		45
Tesla Inc *		15,218		2,850
Texas Roadhouse Inc, Cl A		400		50
Thor Industries		310		35
TJX Cos Inc/The		6,341		602
Toll Brothers Inc		579		57
TopBuild Corp *		171		63
Tractor Supply		599		135
Travel + Leisure		418		17
Ulta Beauty Inc *		268		135
Under Armour Inc, Cl C *		1,138		8
Under Armour Inc, Cl A *		1,130		9
Vail Resorts Inc		221		49
Valvoline Inc *		729		27
VF		2,096		34
Victoria's Secret *		486		13
Wayfair Inc, Cl A *		473		24
Wendy's Co/The		1,023		19
Whirlpool Corp		320		35
Williams-Sonoma Inc		345		67
Wingstop Inc, Cl A		179		50
Wyndham Hotels & Resorts Inc		432		34
Wynn Resorts Ltd		560		53
YETI Holdings Inc *		517		23
Yum! Brands Inc		1,537		199

				25,491
Consumer Staples — 4.6%
Albertsons, Cl A		2,240		48
Altria Group Inc		9,824		394
Archer-Daniels-Midland Co		2,927		163
BJ's Wholesale Club Holdings Inc *		714		46
Boston Beer Co Inc/The, Cl A *		57		20
Brown-Forman Corp, Cl A		273		15
Brown-Forman Corp, Cl B		991		54
Bunge Global		784		69
Campbell Soup Co		1,026		46
Casey's General Stores		201		55
Celsius Holdings Inc *		861		43
Church & Dwight Co Inc		1,334		133
Clorox Co/The		673		98
Coca-Cola		21,468		1,277
Coca-Cola Europacific Partners		300		21
Colgate-Palmolive Co		4,512		380
Conagra Brands Inc		2,580		75


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Constellation Brands Inc, Cl A		883	$	216
Costco Wholesale Corp		2,443		1,698
Coty Inc, Cl A *		2,107		25
Darling Ingredients Inc *		959		42
Dollar General Corp		1,199		158
Dollar Tree Inc *		1,141		149
Estee Lauder Cos Inc/The, Cl A		1,258		166
Flowers Foods Inc		1,124		26
Freshpet Inc *		273		24
General Mills Inc		3,187		207
Grocery Outlet Holding *		529		13
Hershey Co/The		820		159
Hormel Foods Corp		1,719		52
Ingredion Inc		393		42
J M Smucker		557		73
Kellanova		1,410		77
Kenvue		9,509		197
Keurig Dr Pepper Inc		5,218		164
Kimberly-Clark		1,848		223
Kraft Heinz Co/The		4,397		163
Kroger		3,572		165
Lamb Weston Holdings Inc		790		81
McCormick & Co Inc/MD		1,367		93
Molson Coors Beverage, Cl B		944		58
Mondelez International Inc, Cl A		7,486		563
Monster Beverage Corp *		4,082		225
Olaplex Holdings *		745		2
PepsiCo Inc		7,594		1,280
Performance Food Group *		827		60
Philip Morris International		8,549		777
Pilgrim's Pride Corp *		279		8
Post Holdings Inc *		323		30
Procter & Gamble Co/The		12,981		2,040
Reynolds Consumer Products		326		9
Seaboard Corp		2		7
Spectrum Brands Holdings Inc		239		19
Sysco Corp		2,783		225
Target Corp		2,529		352
Tyson Foods, Cl A		1,509		83
US Foods Holding Corp *		1,293		59
Walgreens Boots Alliance Inc		3,894		88
Walmart Inc		7,868		1,300
WK Kellogg		382		5

				14,340
Energy — 2.9%
Antero Midstream		2,016		25
Antero Resources Corp *		1,700		38
APA		1,649		52
Baker Hughes a GE Co, Cl A		5,546		158
Cheniere Energy		1,314		215
Chesapeake Energy		726		56
Chevron Corp		9,485		1,399


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ConocoPhillips		6,599	$	738
Coterra Energy		4,066		101
Devon Energy Corp		3,505		147
Diamondback Energy Inc		975		150
DT Midstream		581		31
EOG Resources		3,231		368
EQT Corp		1,953		69
Exxon Mobil Corp		22,322		2,295
Halliburton Co		4,918		175
Hess Corp		1,524		214
HF Sinclair		809		46
Kinder Morgan Inc/DE		10,745		182
Marathon Oil Corp		3,277		75
Marathon Petroleum Corp		2,085		345
New Fortress Energy, Cl A		330		11
NOV		2,347		46
Occidental Petroleum Corp		3,768		217
ONEOK Inc		3,191		218
Ovintiv		1,472		62
Phillips 66		2,446		353
Pioneer Natural Resources Co		1,278		294
Range Resources Corp		1,412		41
Schlumberger Ltd		7,835		382
Southwestern Energy *		6,598		42
Targa Resources Corp		1,204		102
TechnipFMC		2,323		45
Texas Pacific Land		34		50
Valero Energy Corp		1,863		259
Williams		6,680		231

				9,232
Financials — 10.7%
Affiliated Managers Group		204		30
Affirm Holdings, Cl A *		1,326		54
Aflac Inc		3,240		273
AGNC Investment Corp ^‡		3,421		32
Allstate Corp/The		1,438		223
Ally Financial Inc		1,457		53
American Express Co		3,194		641
American Financial Group Inc/OH		427		51
American International Group Inc		3,908		272
Ameriprise Financial Inc		563		218
Annaly Capital Management ^‡		2,803		54
Aon, Cl A		1,089		325
Apollo Global Management		2,865		288
Arch Capital Group Ltd *		1,957		161
Ares Management, Cl A		932		113
Arthur J Gallagher & Co		1,163		270
Assurant Inc		284		48
Assured Guaranty Ltd		345		28
Axis Capital Holdings Ltd		467		28
Bank of America Corp		37,982		1,292
Bank of New York Mellon Corp/The		4,225		234


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bank OZK		561	$	25
Berkshire Hathaway Inc, Cl B *		10,100		3,876
BlackRock Inc, Cl A		819		634
Blackstone Group		3,921		488
Block, Cl A *		2,971		193
Blue Owl Capital, Cl A		2,530		39
BOK Financial Corp		174		15
Brighthouse Financial Inc *		406		21
Brown & Brown Inc		1,291		100
Capital One Financial Corp		2,081		282
Carlyle Group		1,241		50
Cboe Global Markets Inc		573		105
Charles Schwab Corp/The		8,158		513
Chubb		2,235		548
Cincinnati Financial Corp		835		93
Citigroup		10,527		591
Citizens Financial Group Inc		2,527		83
CME Group Inc, Cl A		1,975		407
CNA Financial Corp		164		7
Coinbase Global, Cl A *		958		123
Columbia Banking System Inc		1,242		25
Comerica		783		41
Commerce Bancshares Inc/MO		716		37
Corebridge Financial		1,386		33
Credit Acceptance Corp *		40		22
Cullen/Frost Bankers Inc		350		37
Discover Financial Services		1,363		144
East West Bancorp		757		55
Equitable Holdings		1,869		61
Euronet Worldwide Inc *		283		28
Evercore Inc, Cl A		187		32
Everest Group		233		90
Eversource Energy		1,899		103
FactSet Research Systems Inc		209		99
Fidelity National Financial Inc		1,405		70
Fidelity National Information Services Inc		3,244		202
Fifth Third Bancorp		3,707		127
First American Financial		605		36
First Citizens BancShares, Cl A		62		94
First Hawaiian Inc		766		17
First Horizon National Corp		3,173		45
Fiserv Inc *		3,289		467
FleetCor Technologies Inc *		392		114
FNB Corp/PA		2,146		28
Franklin Resources Inc		1,525		41
Global Payments		1,412		188
Globe Life		474		58
Goldman Sachs Group Inc/The		1,756		674
Hanover Insurance Group Inc/The		212		28
Hartford Financial Services Group Inc/The		1,613		140
Houlihan Lokey Inc, Cl A		297		36
Huntington Bancshares Inc/OH		7,834		100


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Interactive Brokers Group, Cl A		600	$	53
Intercontinental Exchange Inc		3,113		396
Invesco Ltd		1,930		31
Jack Henry & Associates		394		65
Janus Henderson Group		815		23
Jefferies Financial Group		968		39
JPMorgan Chase & Co		15,919		2,776
Kemper Corp		381		23
KeyCorp		5,048		73
Kinsale Capital Group Inc		117		47
KKR		3,644		315
Lazard, Cl A		655		26
Lincoln National		1,017		28
Loews		992		72
LPL Financial Holdings Inc		410		98
M&T Bank Corp		903		125
Markel Group *		75		112
MarketAxess Holdings Inc		200		45
Marsh & McLennan Cos Inc		2,725		528
Mastercard Inc, Cl A		4,578		2,057
MetLife		3,476		241
MGIC Investment Corp		1,651		33
Moody's Corp		872		342
Morgan Stanley		6,619		577
Morningstar Inc		149		42
MSCI Inc, Cl A		421		252
Nasdaq Inc		1,862		108
NCR Atleos *		385		9
New York Community Bancorp Inc		4,248		27
Northern Trust Corp		1,114		89
NU Holdings, Cl A *		13,237		114
Old Republic International Corp		1,398		39
OneMain Holdings, Cl A		688		33
PayPal Holdings *		6,039		370
Pinnacle Financial Partners Inc		449		40
PNC Financial Services Group Inc/The		2,189		331
Popular Inc		422		36
Primerica Inc		190		44
Principal Financial Group Inc		1,317		104
Progressive Corp/The		3,217		573
Prosperity Bancshares Inc		525		34
Prudential Financial Inc		1,990		209
Raymond James Financial Inc		1,032		114
Regions Financial Corp		5,344		100
Reinsurance Group of America Inc, Cl A		359		62
RenaissanceRe Holdings Ltd		295		67
Rithm Capital ^‡		2,596		28
RLI Corp		240		33
Robinhood Markets, Cl A *		3,975		43
Rocket, Cl A *		680		8
Ryan Specialty Holdings, Cl A *		547		24
S&P Global Inc		1,767		792


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Shift4 Payments, Cl A *		303	$	22
SLM Corp		1,296		26
SoFi Technologies *		5,492		43
Starwood Property Trust Inc ^‡		1,751		36
State Street Corp		1,683		124
Stifel Financial Corp		529		39
Synchrony Financial		2,238		87
Synovus Financial Corp		863		32
T Rowe Price Group		1,205		131
TFS Financial Corp		300		4
Toast, Cl A *		2,117		38
TPG, Cl A		383		16
Tradeweb Markets, Cl A		620		59
Travelers Cos Inc/The		1,251		264
Truist Financial		7,283		270
Unum Group		1,056		51
US Bancorp		8,563		356
UWM Holdings		556		4
Virtu Financial Inc, Cl A		566		9
Visa Inc, Cl A		8,797		2,404
Voya Financial Inc		584		42
Webster Financial Corp		918		45
Wells Fargo & Co		20,223		1,015
Western Alliance Bancorp		634		41
Western Union Co/The		2,232		28
WEX Inc *		241		49
White Mountains Insurance Group Ltd		15		24
Willis Towers Watson PLC		565		139
Wintrust Financial Corp		359		35
WR Berkley Corp		1,086		89
XP, Cl A		1,732		43
Zions Bancorp NA		883		37

				33,605
Health Care — 9.8%
10X Genomics, Cl A *		552		23
Abbott Laboratories		9,540		1,079
AbbVie Inc		9,729		1,600
Acadia Healthcare Co Inc *		534		44
Agilent Technologies Inc		1,602		208
agilon health *		1,807		11
Align Technology Inc *		416		111
Alnylam Pharmaceuticals Inc *		676		117
Amedisys Inc *		192		18
Amgen Inc		2,943		925
Apellis Pharmaceuticals Inc *		596		38
Avantor *		3,663		84
Azenta *		370		24
Baxter International Inc		2,756		107
Becton Dickinson		1,592		380
Biogen Inc *		790		195
BioMarin Pharmaceutical Inc *		1,018		90
Bio-Rad Laboratories Inc, Cl A *		109		35


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bio-Techne Corp		840	$	59
Boston Scientific Corp *		8,049		509
Bristol-Myers Squibb		11,209		548
Bruker Corp		568		41
Cardinal Health		1,348		147
Catalent Inc *		966		50
Cencora, Cl A		886		206
Centene Corp *		2,927		220
Certara *		697		11
Charles River Laboratories International Inc *		274		59
Chemed Corp		79		47
Cigna Group		1,607		484
Cooper Cos Inc/The		265		99
CVS Health		7,048		524
Danaher Corp		3,626		870
DaVita Inc *		314		34
DENTSPLY SIRONA Inc		1,131		39
Dexcom *		2,123		258
Doximity, Cl A *		670		18
Edwards Lifesciences Corp *		3,305		259
Elanco Animal Health Inc *		2,670		39
Elevance Health		1,305		644
Eli Lilly		4,667		3,013
Encompass Health Corp		587		42
Enovis *		304		18
Envista Holdings *		976		23
Exact Sciences *		966		63
Exelixis Inc *		1,678		37
Fortrea Holdings *		531		16
GE HealthCare Technologies		2,134		157
Gilead Sciences Inc		6,882		539
Globus Medical Inc, Cl A *		710		37
HCA Healthcare Inc		1,093		333
Henry Schein Inc *		702		53
Hologic Inc *		1,323		98
Humana		686		259
ICON *		445		116
ICU Medical Inc *		121		11
IDEXX Laboratories *		452		233
Illumina Inc *		863		123
Incyte *		996		59
Inspire Medical Systems Inc *		172		36
Insulet Corp *		376		72
Integra LifeSciences Holdings Corp *		434		17
Intuitive Surgical Inc *		1,924		728
Ionis Pharmaceuticals Inc *		847		44
IQVIA Holdings Inc *		998		208
Johnson & Johnson		13,289		2,112
Karuna Therapeutics *		192		60
Laboratory Corp of America Holdings		462		103
Maravai LifeSciences Holdings, Cl A *		658		4


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Masimo *		244	$	31
McKesson Corp		745		372
Medpace Holdings *		139		41
Medtronic PLC		7,314		640
Merck & Co Inc		14,004		1,691
Mettler-Toledo International Inc *		119		142
Moderna Inc *		1,821		184
Molina Healthcare Inc *		315		112
Natera *		586		39
Neurocrine Biosciences Inc *		524		73
Novocure Ltd *		620		9
Organon		1,524		25
Penumbra Inc *		214		54
Pfizer Inc		31,132		843
Premier Inc, Cl A		706		15
QIAGEN		1,205		53
Quest Diagnostics Inc		608		78
QuidelOrtho *		292		20
R1 RCM *		914		9
Regeneron Pharmaceuticals Inc *		564		532
Repligen Corp *		299		57
ResMed		793		151
Revvity		672		72
Roivant Sciences *		2,081		21
Royalty Pharma, Cl A		2,005		57
Sarepta Therapeutics *		526		63
Shockwave Medical *		217		49
Sotera Health *		593		9
STERIS PLC		541		118
Stryker Corp		1,956		656
Tandem Diabetes Care Inc *		383		9
Teladoc Health Inc *		963		19
Teleflex Inc		254		62
Tenet Healthcare Corp *		597		49
Thermo Fisher Scientific		2,126		1,146
Ultragenyx Pharmaceutical Inc *		400		18
United Therapeutics Corp *		243		52
UnitedHealth Group Inc		5,126		2,623
Universal Health Services Inc, Cl B		352		56
Veeva Systems Inc, Cl A *		793		164
Vertex Pharmaceuticals Inc *		1,418		615
Viatris, Cl W		6,487		76
Waters Corp *		334		106
West Pharmaceutical Services Inc		404		151
Zimmer Biomet Holdings Inc		1,148		144
Zoetis Inc, Cl A		2,547		478

				30,852
Industrials — 7.1%
3M		3,022		285
A O Smith		710		55
Acuity Brands Inc		167		40
Advanced Drainage Systems		399		52


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AECOM		708	$	62
AGCO		372		46
Air Lease Corp, Cl A		623		26
Alaska Air Group Inc *		750		27
Allegion PLC		474		59
Allison Transmission Holdings Inc		552		33
American Airlines Group Inc *		3,490		50
AMETEK Inc		1,261		204
Armstrong World Industries Inc		272		27
Automatic Data Processing Inc		2,277		560
Avis Budget Group Inc		122		20
Axon Enterprise Inc *		383		95
AZEK, Cl A *		744		29
Boeing *		3,071		648
Booz Allen Hamilton Holding, Cl A		697		98
Broadridge Financial Solutions Inc		640		131
Builders FirstSource Inc *		671		117
BWX Technologies Inc, Cl W		547		45
CACI International Inc, Cl A *		125		43
Carlisle Cos Inc		263		83
Carrier Global		4,573		250
Caterpillar Inc		2,811		844
CH Robinson Worldwide Inc		619		52
ChargePoint Holdings *		1,518		3
Cintas Corp		476		288
Clarivate *		2,830		25
Clean Harbors Inc *		272		46
CNH Industrial		5,283		63
Concentrix		255		23
Copart *		4,706		226
Core & Main, Cl A *		684		28
Crane		282		35
CSX Corp		10,850		387
Cummins Inc		777		186
Curtiss-Wright Corp		205		46
Dayforce *		794		55
Deere		1,459		574
Delta Air Lines Inc		3,506		137
Donaldson Co Inc		648		42
Dover Corp		761		114
Driven Brands Holdings *		373		5
Dun & Bradstreet Holdings		1,507		17
EMCOR Group Inc		250		57
Emerson Electric		3,135		288
Equifax Inc		667		163
Esab		340		29
Expeditors International of Washington Inc		802		101
Fastenal Co		3,131		214
FedEx Corp		1,274		307
Ferguson		1,120		210
Flowserve Corp		781		31
Fortive Corp		1,933		151


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Fortune Brands Innovations		681	$	53
FTI Consulting Inc *		202		39
Gates Industrial Corp PLC *		721		9
Generac Holdings *		354		40
General Dynamics Corp		1,345		356
General Electric		5,972		791
Genpact Ltd		1,070		38
Grab Holdings, Cl A *		2,300		7
Graco Inc		907		77
GXO Logistics *		683		37
Hayward Holdings *		795		10
HEICO Corp, Cl A		473		67
HEICO Corp		270		49
Hertz Global Holdings *		803		7
Hexcel Corp		502		33
Honeywell International Inc		3,667		742
Howmet Aerospace		2,069		116
Hubbell Inc, Cl B		307		103
Huntington Ingalls Industries Inc		211		55
IDEX		411		87
Illinois Tool Works Inc		1,647		430
Ingersoll Rand		2,216		177
ITT Inc		445		54
Jacobs Solutions		684		92
Jardine Matheson Holdings		200		8
JB Hunt Transport Services Inc		470		94
Johnson Controls International plc		3,728		196
KBR Inc		715		37
Kirby Corp *		358		28
Knight-Swift Transportation Holdings Inc, Cl A		838		48
L3Harris Technologies		1,037		216
Landstar System Inc		214		41
Leidos Holdings Inc		741		82
Lennox International Inc		173		74
Lincoln Electric Holdings Inc		302		67
Lockheed Martin Corp		1,220		524
Lyft, Cl A *		1,955		24
ManpowerGroup Inc		301		22
Masco Corp		1,221		82
MasTec *		365		24
MDU Resources Group		1,211		24
Mercury Systems Inc *		295		9
Middleby Corp/The *		284		40
MSA Safety Inc		221		37
MSC Industrial Direct Co Inc, Cl A		277		27
Nordson Corp		310		78
Norfolk Southern		1,248		294
Northrop Grumman Corp		787		352
nVent Electric PLC		886		53
Old Dominion Freight Line Inc		541		212
Oshkosh Corp		394		43


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Otis Worldwide		2,266	$	200
Owens Corning		480		73
PACCAR Inc		2,816		283
Parker-Hannifin Corp		702		326
Paychex Inc		1,767		215
Paycom Software Inc		278		53
Paycor HCM *		364		7
Paylocity Holding Corp *		241		38
Plug Power Inc *		3,114		14
Quanta Services Inc		787		153
RB Global		983		63
RBC Bearings Inc *		169		45
Regal Rexnord		390		52
Republic Services Inc, Cl A		1,132		194
Robert Half		554		44
Rockwell Automation Inc		630		160
Rollins Inc		1,379		60
RTX		7,920		722
Ryder System Inc		251		29
Saia Inc *		144		65
Schneider National Inc, Cl B		324		8
Science Applications International		310		40
Sensata Technologies Holding PLC		907		33
SiteOne Landscape Supply *		267		41
Snap-on		297		86
Southwest Airlines Co		3,236		97
Spirit AeroSystems Holdings Inc, Cl A *		626		17
SS&C Technologies Holdings		1,178		72
Stanley Black & Decker Inc		831		78
Stericycle Inc *		550		26
Sunrun *		1,249		18
Tetra Tech		315		50
Textron Inc		1,063		90
Timken Co/The		367		30
Toro		560		52
Trane Technologies		1,251		315
TransDigm Group		291		318
TransUnion		1,047		72
Trex Co Inc *		584		48
Uber Technologies *		10,839		707
U-Haul Holding, Cl B		601		38
U-Haul Holding *		54		4
Union Pacific Corp		3,358		819
United Continental Holdings Inc *		1,769		73
United Parcel Service Inc, Cl B		3,988		566
United Rentals Inc		371		232
Valmont Industries Inc		126		28
Veralto		1,195		92
Verisk Analytics, Cl A		782		189
Vertiv Holdings, Cl A		1,869		105
Vestis		705		15
Waste Management Inc		2,237		415


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Watsco Inc		180	$	70
WESCO International Inc		237		41
Westinghouse Air Brake Technologies		973		128
WillScot Mobile Mini Holdings *		1,140		54
Woodward		348		48
WW Grainger Inc		242		217
XPO *		613		52
Xylem Inc/NY		1,297		146

				22,363
Information Technology — 21.9%
Adobe Inc *		2,526		1,561
Advanced Micro Devices Inc *		8,837		1,482
Akamai Technologies Inc *		813		100
Allegro MicroSystems *		397		10
Alteryx Inc, Cl A *		360		17
Amdocs Ltd		633		58
Amphenol Corp, Cl A		3,203		324
Analog Devices Inc		2,741		527
ANSYS Inc *		475		156
Apple		81,357		15,002
Applied Materials Inc		4,603		756
AppLovin, Cl A *		1,232		51
Arista Networks Inc *		1,378		356
Arrow Electronics Inc *		295		33
Aspen Technology *		162		31
Atlassian, Cl A *		850		212
Autodesk Inc *		1,180		300
Avnet Inc		545		25
Bentley Systems, Cl B		1,048		53
BILL Holdings *		593		46
Broadcom Inc		2,378		2,806
Cadence Design Systems Inc *		1,487		429
CCC Intelligent Solutions Holdings *		1,025		11
CDW Corp/DE		740		168
Ciena Corp *		883		47
Cirrus Logic Inc *		329		25
Cisco Systems Inc		22,349		1,121
Cloudflare, Cl A *		1,587		125
Cognex Corp		1,042		38
Cognizant Technology Solutions Corp, Cl A		2,785		215
Coherent *		711		34
Confluent, Cl A *		1,106		25
Corning		4,154		135
Crane NXT		282		16
Crowdstrike Holdings, Cl A *		1,173		343
CyberArk Software *		100		23
Datadog, Cl A *		1,496		186
DocuSign, Cl A *		1,096		67
Dolby Laboratories Inc, Cl A		355		30
DoubleVerify Holdings *		748		30
Dropbox, Cl A *		1,509		48
DXC Technology Co *		1,219		27


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Dynatrace *		1,304	$	74
Elastic *		464		54
Enphase Energy Inc *		722		75
Entegris Inc		813		96
EPAM Systems Inc *		302		84
F5 *		319		59
Fair Isaac Corp *		133		159
First Solar *		578		85
Five9 *		420		32
Fortinet Inc *		3,602		232
Gartner Inc *		421		193
Gen Digital		3,001		70
Gitlab, Cl A *		525		37
GLOBALFOUNDRIES *		470		26
Globant *		222		52
GoDaddy Inc, Cl A *		798		85
Guidewire Software Inc *		439		49
HashiCorp, Cl A *		555		12
Hewlett Packard Enterprise Co		6,980		107
HP Inc		4,722		136
HubSpot Inc *		250		153
Informatica, Cl A *		221		7
Intel Corp		23,257		1,002
International Business Machines Corp		5,006		919
Intuit Inc		1,505		950
IPG Photonics Corp *		175		17
Jabil Inc		678		85
Juniper Networks Inc		1,722		64
Keysight Technologies *		970		149
KLA		755		449
Kyndryl Holdings *		1,225		25
Lam Research Corp		725		598
Lattice Semiconductor Corp *		733		45
Littelfuse Inc		145		35
Lumentum Holdings *		408		22
Manhattan Associates Inc *		352		85
Marvell Technology		4,696		318
Microchip Technology Inc		2,952		251
Micron Technology Inc		6,016		516
Microsoft Corp		41,059		16,324
MKS Instruments Inc		397		42
Monday.com *		37		8
MongoDB, Cl A *		378		151
Monolithic Power Systems Inc		251		151
Motorola Solutions Inc		907		290
nCino *		418		13
NCR Voyix *		770		11
NetApp Inc		1,148		100
Nutanix Inc, Cl A *		1,377		77
NVIDIA Corp		13,108		8,065
Okta, Cl A *		828		68
ON Semiconductor Corp *		2,361		168


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Oracle Corp		8,501	$	950
Palantir Technologies, Cl A *		10,430		168
Palo Alto Networks Inc *		1,659		562
Pegasystems Inc		248		12
Procore Technologies *		426		30
PTC Inc *		625		113
Pure Storage Inc, Cl A *		1,650		66
Qorvo Inc *		528		53
QUALCOMM Inc		6,147		913
RingCentral, Cl A *		511		17
Roper Technologies		581		312
Salesforce *		5,218		1,467
SentinelOne, Cl A *		1,330		36
ServiceNow Inc *		1,122		859
Skyworks Solutions Inc		910		95
Smartsheet, Cl A *		762		34
Snowflake, Cl A *		1,728		338
Splunk *		849		130
Synopsys Inc *		836		446
TD SYNNEX		280		28
Teledyne Technologies *		254		106
Teradata Corp *		614		28
Teradyne Inc		838		81
Texas Instruments Inc		5,001		801
Trimble Inc *		1,334		68
Twilio, Cl A *		985		69
Tyler Technologies Inc *		227		96
Ubiquiti		25		3
UiPath, Cl A *		2,260		52
Unity Software *		1,718		56
Universal Display Corp		267		45
VeriSign Inc *		483		96
Viasat *		700		16
Vontier		947		33
Western Digital Corp *		1,765		101
Wolfspeed *		738		24
Workday Inc, Cl A *		1,103		321
Zebra Technologies Corp, Cl A *		290		70
Zoom Video Communications, Cl A *		1,384		89
Zscaler Inc *		483		114

				68,822
Materials — 2.0%
Air Products & Chemicals Inc		1,219		312
Albemarle Corp		635		73
Alcoa Corp		1,060		32
Amcor		7,813		74
AptarGroup Inc		351		46
Ardagh Metal Packaging		894		3
Ashland		264		25
Avery Dennison		439		88
Axalta Coating Systems Ltd *		1,324		43
Ball		1,676		93


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Berry Global Group Inc		689	$	45
Celanese Corp, Cl A		536		78
CF Industries Holdings Inc		1,045		79
Chemours Co/The		883		27
Cleveland-Cliffs Inc *		2,676		54
Corteva		3,907		178
Crown Holdings Inc		571		50
Dow Inc		3,880		208
DuPont de Nemours		2,515		155
Eagle Materials Inc		184		42
Eastman Chemical Co		639		53
Ecolab Inc		1,364		270
Element Solutions Inc		1,352		30
FMC Corp		755		42
Freeport-McMoRan		7,848		311
Ginkgo Bioworks Holdings *		9,192		11
Graphic Packaging Holding Co		1,630		42
Huntsman Corp		973		24
International Flavors & Fragrances Inc		1,392		112
International Paper Co		1,876		67
Linde		2,671		1,081
Louisiana-Pacific Corp		366		24
LyondellBasell Industries NV, Cl A		1,413		133
Martin Marietta Materials		338		172
Mosaic Co/The		1,939		59
MP Materials *		544		9
NewMarket Corp		34		19
Newmont		6,327		218
Nucor Corp		1,363		255
Olin Corp		731		38
Packaging Corp of America		480		80
PPG Industries Inc		1,286		181
Reliance Steel & Aluminum Co		314		90
Royal Gold Inc		393		45
RPM International Inc		690		74
Scotts Miracle-Gro Co/The, Cl A		242		14
Sealed Air Corp		874		30
Sherwin-Williams Co/The		1,308		398
Silgan Holdings		504		23
Sonoco Products Co		583		33
Southern Copper Corp		512		42
SSR Mining		1,235		12
Steel Dynamics		849		102
United States Steel Corp		1,195		56
Vulcan Materials		725		164
Westlake		198		27
Westrock		1,370		55

				6,101
Real Estate — 2.1%
Agree Realty Corp ^‡		532		32
Alexandria Real Estate Equities Inc ^‡		936		113
American Homes 4 Rent, Cl A ^‡		1,801		63


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
American Tower, Cl A ^‡		2,562	$	501
Americold Realty Trust ^‡		1,612		44
Apartment Income ^‡		898		29
AvalonBay Communities Inc ^‡		775		139
Boston Properties Inc ^‡		847		56
Brixmor Property Group Inc ^‡		1,788		40
Camden Property Trust ^‡		560		52
CBRE Group Inc, Cl A *		1,661		143
CoStar Group Inc *		2,214		185
Cousins Properties ^‡		906		21
Crown Castle ^‡		2,375		257
CubeSmart ^‡		1,206		52
Digital Realty Trust Inc ^‡		1,657		233
EastGroup Properties Inc ^‡		247		44
EPR Properties ^‡		444		20
Equinix Inc ^‡		513		426
Equity LifeStyle Properties Inc ^‡		961		65
Equity Residential ^‡		2,036		122
Essex Property Trust Inc ^‡		365		85
Extra Space Storage Inc ^‡		1,145		165
Federal Realty Investment Trust ^‡		481		49
First Industrial Realty Trust Inc ^‡		790		41
Gaming and Leisure Properties Inc ^‡		1,464		67
Healthcare Realty Trust, Cl A ^‡		2,273		37
Healthpeak Properties ^‡		2,954		55
Highwoods Properties Inc ^‡		623		14
Hongkong Land Holdings		1,400		4
Host Hotels & Resorts Inc ^‡		3,836		74
Howard Hughes Holdings *		200		16
Invitation Homes Inc ^‡		3,333		110
Iron Mountain ^‡		1,578		106
Jones Lang LaSalle Inc *		254		45
Kilroy Realty Corp ^‡		697		25
Kimco Realty ^‡		3,622		73
Lamar Advertising Co, Cl A ^‡		467		49
Medical Properties Trust Inc ^‡		3,561		11
Mid-America Apartment Communities ^‡		631		80
National Storage Affiliates Trust ^‡		509		19
NET Lease Office Properties ^‡		83		2
NNN ^‡		1,085		44
Omega Healthcare Investors Inc ^‡		1,409		41
Park Hotels & Resorts ^‡		1,336		20
Prologis Inc ^‡		5,080		644
Public Storage ^‡		860		243
Rayonier Inc ^‡		874		26
Realty Income Corp ^‡		4,609		251
Regency Centers Corp ^‡		976		61
Rexford Industrial Realty ^‡		1,172		62
SBA Communications Corp, Cl A ^‡		587		131
Simon Property Group Inc ^‡		1,781		247
STAG Industrial Inc ^‡		1,073		40
Sun Communities Inc ^‡		668		84


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
UDR Inc ^‡		1,776	$	64
Ventas Inc ^‡		2,177		101
VICI Properties Inc, Cl A ^‡		5,663		171
Vornado Realty Trust ^‡		1,058		29
Welltower ^‡		2,947		255
Weyerhaeuser Co ^‡		4,001		131
WP Carey Inc ^‡		1,150		71
Zillow Group Inc, Cl C *		829		47
Zillow Group Inc, Cl A *		338		19

				6,546
Utilities — 1.7%
AES Corp/VA		3,610		60
Alliant Energy Corp		1,360		66
Ameren Corp		1,426		99
American Electric Power Co Inc		2,825		221
American Water Works		1,065		132
Atmos Energy Corp		806		92
Avangrid Inc		425		13
Brookfield Renewable, Cl A		766		21
CenterPoint Energy		3,436		96
Clearway Energy Inc, Cl C		489		12
Clearway Energy Inc, Cl A		208		5
CMS Energy Corp		1,582		90
Consolidated Edison Inc		1,900		173
Constellation Energy		1,763		215
Dominion Energy Inc		4,584		210
DTE Energy		1,124		119
Duke Energy		4,240		406
Edison International		2,066		139
Entergy Corp		1,155		115
Essential Utilities		1,388		50
Evergy Inc		1,203		61
Exelon Corp		5,448		190
FirstEnergy Corp		2,970		109
Hawaiian Electric Industries		652		8
IDACORP Inc		302		28
National Fuel Gas		526		25
NextEra Energy		11,148		654
NiSource Inc		2,231		58
NRG Energy Inc		1,231		65
OGE Energy		1,197		40
PG&E		11,162		188
Pinnacle West Capital Corp		677		47
PPL Corp		4,023		105
Public Service Enterprise Group		2,721		158
Sempra		3,458		247
Southern Co/The		5,994		417
UGI Corp		1,255		28
Vistra		1,972		81
WEC Energy Group		1,725		139


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Xcel Energy Inc		3,018	$	181

				5,163
				243,524

Total Common Stock
(Cost $230,380) ($ Thousands)				265,745



EXCHANGE TRADED FUND — 0.1%
United States — 0.1%
SPDR S&P 500 ETF Trust		359		173


Total Exchange Traded Fund
(Cost $150) ($ Thousands)				173



PREFERRED STOCK — 0.0%
Germany — 0.0%
Bayerische Motoren Werke AG (A)		73		7
Dr Ing hc F Porsche (A)		140		12
Henkel AG & Co KGaA (A)		219		17
Porsche Automobil Holding SE (A)		188		9
Sartorius AG (A)		34		13
Volkswagen AG (A)		259		34

Total Preferred Stock
(Cost $102) ($ Thousands)				92


		Number of Rights
RIGHTS — 0.0%
Spain — 0.0%
ACS Actividades de Construccion y Servicios *^		279		–
Iberdrola *^		7,559		2

Total Rights
(Cost $—) ($ Thousands)				2



	Shares
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Government Fund, Institutional Class
5.120% **		3,379,344		3,379
Total Cash Equivalent

(Cost $3,379) ($ Thousands)				3,379


Total Investments — 85.9%
(Cost $234,011) ($ Thousands)			$	269,391

For the six months ended January 31, 2024, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

	Percentages are based on a Net Assets of $313,642 ($ Thousands).
^	Expiration date unavailable.
*	Non-income producing security.
**	Rate shown is the 7-day effective yield as of January 31, 2024.
^‡	Real Estate Investment Trust.
(A)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

Ltd — Limited

MSCI — Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S&P— Standard & Poor's

SPDR — Standard & Poor's Depository Receipt

As of January 31, 2024, all of the Fund's investments and other financial instruments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the transactions the Fund had with affiliates for the six months ended January 31, 2024 ($ Thousands):

Photo -- fp0087220-1_21.jpg

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUNDS — 99.2%
United States — 99.2%
SPDR Bloomberg Emerging Markets USD Bond ETF		823,632	$	19,775
SPDR Portfolio High Yield Bond ETF		840,838		19,726


Total Exchange Traded Funds
(Cost $39,115) ($ Thousands)				39,501




CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Institutional Class
5.120% **		173,654		174
Total Cash Equivalent

(Cost $174) ($ Thousands)				174


Total Investments — 99.6%
(Cost $39,289) ($ Thousands)			$	39,675

	Percentages are based on a Net Assets of $39,837 ($ Thousands).
**	Rate shown is the 7-day effective yield as of January 31, 2024.
^†	Investment in Affiliated Security (see Note 4).

ETF — Exchange Traded Fund

SPDR — Standard & Poor's Depository Receipt

USD — United States Dollar

As of January 31, 2024, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the transactions the Fund had with affiliates for the period ended January 31, 2024 ($ Thousands):

Photo -- fp0087220-1_22.jpg

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 43.4%
U.S. Treasury Bonds
4.750%, 11/15/2043	$	4,500	$	4,764
4.750%, 11/15/2053		4,150		4,531
4.375%, 08/15/2043		4,600		4,633
2.875%, 05/15/2049		200		155
1.875%, 11/15/2051		200		122
U.S. Treasury Notes
4.875%, 11/30/2025		6,000		6,062
4.500%, 11/15/2033		3,500		3,655
4.375%, 12/15/2026		6,000		6,057
4.250%, 12/31/2025		6,000		6,000
4.250%, 01/31/2026		6,000		6,003
4.000%, 01/15/2027		6,000		5,999
4.000%, 01/31/2029		5,500		5,533
4.000%, 01/31/2031		4,950		4,975
3.750%, 12/31/2028		5,500		5,469
3.750%, 12/31/2030		3,250		3,217
3.625%, 03/31/2030		200		197
3.500%, 02/15/2033		300		290

Total U.S. Treasury Obligations
(Cost $67,146) ($ Thousands)				67,662



MORTGAGE-BACKED SECURITIES — 27.5%
Agency Mortgage-Backed Obligations — 26.8%
FHLMC Multifamily Structured Pass Through Certificates, Ser K158, Cl A2
4.050%, 07/25/2033		350		338
FHLMC Multifamily Structured Pass Through Certificates, Ser K508, Cl A2
4.740%, 08/25/2028(A)		500		506


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass Through Certificates, Ser K511, Cl A2
4.860%, 10/25/2028	$	400	$	408
FNMA TBA
3.000%, 02/15/2045		3,500		3,063
GNMA TBA
5.500%, 02/15/2053		1,500		1,510
4.500%, 02/15/2054		2,000		1,947
3.500%, 02/19/2045		2,500		2,306
2.500%, 02/15/2054		4,000		3,458
UMBS TBA
6.500%, 02/01/2038		1,250		1,280
6.000%, 02/01/2036		1,500		1,520
5.500%, 02/15/2054		2,000		2,006
5.000%, 02/15/2054		1,750		1,727
4.500%, 02/15/2054		3,500		3,384
3.500%, 02/01/2041 to 02/15/2054		3,750		3,451
2.500%, 02/15/2039 to 02/15/2054		9,000		7,808
2.000%, 02/15/2054		8,750		7,054


				41,766
Non-Agency Mortgage-Backed Obligations — 0.7%
BANK, Ser 2019-BN21, Cl A5
2.851%, 10/17/2052		275		243
BBCMS Mortgage Trust, Ser 2024-C24, Cl A5
5.419%, 02/15/2057		150		157
Benchmark Mortgage Trust, Ser 2020-B19, Cl A5
1.850%, 09/15/2053		350		281
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl A4
4.000%, 04/15/2055(A)		350		329


				1,010
Total Mortgage-Backed Securities
(Cost $42,437) ($ Thousands)				42,776



CORPORATE OBLIGATIONS — 25.3%
Communication Services — 2.0%
AT&T
5.400%, 02/15/2034		250		256
3.650%, 06/01/2051		375		280
Charter Communications Operating
6.150%, 11/10/2026		250		256
5.250%, 04/01/2053		200		164
Comcast
5.350%, 05/15/2053		250		255
4.800%, 05/15/2033		250		251
4.550%, 01/15/2029		250		250


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
T-Mobile USA
5.500%, 01/15/2055	$	250	$	253
4.850%, 01/15/2029		250		250
Verizon Communications
3.400%, 03/22/2041		350		277
2.100%, 03/22/2028		250		226
Warnermedia Holdings
5.050%, 03/15/2042		250		222
3.755%, 03/15/2027		250		240

				3,180

Consumer Discretionary — 1.8%
Amazon.com
4.650%, 12/01/2029		250		255
3.300%, 04/13/2027		250		243
2.875%, 05/12/2041		150		116
Ford Motor Credit
6.050%, 03/05/2031		250		251
5.800%, 03/05/2027		250		252
General Motors Financial
5.400%, 04/06/2026		250		252
Home Depot
4.950%, 09/30/2026		250		253
4.900%, 04/15/2029		250		256
3.300%, 04/15/2040		150		123
Lowe's
2.800%, 09/15/2041		150		110
McDonald's
5.450%, 08/14/2053		150		156
Toyota Motor Credit MTN
4.800%, 01/05/2034		200		200
4.650%, 01/05/2029		250		251

				2,718

Consumer Staples — 1.3%
Anheuser-Busch InBev Worldwide
4.350%, 06/01/2040		250		232
3.500%, 06/01/2030		250		236
BAT Capital
7.079%, 08/02/2043		300		318
Constellation Brands
4.800%, 01/15/2029		250		251
General Mills
4.700%, 01/30/2027		250		250
JBS USA LUX
6.500%, 12/01/2052		250		250
Philip Morris International
5.125%, 02/15/2030		250		254
Walmart
4.500%, 04/15/2053		200		190

				1,981


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Energy — 1.7%
BP Capital Markets America
4.989%, 04/10/2034	$	250	$	252
4.699%, 04/10/2029		250		251
Enbridge
6.700%, 11/15/2053		250		289
Energy Transfer
5.950%, 05/15/2054		250		251
Enterprise Products Operating
4.850%, 01/31/2034		200		200
4.600%, 01/11/2027		250		251
Kinder Morgan
5.000%, 02/01/2029		200		201
ONEOK
6.625%, 09/01/2053		250		275
Pioneer Natural Resources
5.100%, 03/29/2026		250		252
Shell International Finance BV
3.250%, 04/06/2050		250		183
Williams
4.900%, 03/15/2029		250		250

				2,655

Financials — 8.4%
American Express
4.900%, 02/13/2026		250		251
Ares Capital
5.875%, 03/01/2029		200		198
Asian Development Bank MTN
4.500%, 08/25/2028		200		204
4.125%, 01/12/2027		250		252
Asian Infrastructure Investment Bank
4.875%, 09/14/2026		250		254
Banco Santander
6.527%, H15T1Y + 1.650%, 11/07/2027 (A)		200		207
Bank of America
5.288%, SOFRRATE + 1.910%, 04/25/2034 (A)		200		201
5.202%, SOFRRATE + 1.630%, 04/25/2029 (A)		250		252
5.080%, SOFRRATE + 1.290%, 01/20/2027 (A)		500		500
2.972%, SOFRRATE + 1.560%, 07/21/2052 (A)		100		69
Bank of America MTN
2.676%, SOFRRATE + 1.930%, 06/19/2041 (A)		150		108
Bank of New York Mellon
4.947%, SOFRRATE + 1.026%, 04/26/2027 (A)		250		251


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Barclays
6.496%, SOFRRATE + 1.880%, 09/13/2027 (A)	$	250	$	257
6.224%, SOFRRATE + 2.980%, 05/09/2034 (A)		250		258
Capital One Financial
7.624%, SOFRRATE + 3.070%, 10/30/2031 (A)		250		276
Charles Schwab
5.853%, SOFRRATE + 2.500%, 05/19/2034 (A)		200		207
Citibank
5.803%, 09/29/2028		250		260
5.488%, 12/04/2026		250		255
Citigroup
6.174%, SOFRRATE + 2.661%, 05/25/2034 (A)		100		104
2.904%, SOFRRATE + 1.379%, 11/03/2042 (A)		100		73
Cooperatieve Rabobank UA
4.850%, 01/09/2026		250		251
European Investment Bank
4.000%, 02/15/2029		250		250
3.750%, 02/14/2033		200		195
Goldman Sachs Group
6.561%, SOFRRATE + 1.950%, 10/24/2034 (A)		100		110
6.484%, SOFRRATE + 1.770%, 10/24/2029 (A)		250		266
5.798%, SOFRRATE + 1.075%, 08/10/2026 (A)		250		252
3.436%, SOFRRATE + 1.632%, 02/24/2043 (A)		150		118
HSBC Holdings
6.547%, SOFRRATE + 2.980%, 06/20/2034 (A)		200		208
5.887%, SOFRRATE + 1.570%, 08/14/2027 (A)		250		254
Inter-American Development Bank MTN
4.500%, 05/15/2026		250		251
International Bank for Reconstruction & Development
4.000%, 01/10/2031		200		199
3.500%, 07/12/2028		250		245
JPMorgan Chase
5.336%, SOFRRATE + 1.620%, 01/23/2035 (A)		100		102
5.040%, SOFRRATE + 1.190%, 01/23/2028 (A)		250		251
5.012%, SOFRRATE + 1.310%, 01/23/2030 (A)		250		251
3.328%, SOFRRATE + 1.580%, 04/22/2052 (A)		150		110


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.109%, TSFR3M + 2.460%, 04/22/2041 (A)	$	150	$	117
Kreditanstalt fuer Wiederaufbau
4.125%, 07/15/2033		150		150
4.000%, 03/15/2029		250		250
Lloyds Banking Group
5.462%, H15T1Y + 1.375%, 01/05/2028 (A)		200		201
Marsh & McLennan
5.700%, 09/15/2053		250		269
MetLife
5.375%, 07/15/2033		250		258
Mitsubishi UFJ Financial Group
5.441%, H15T1Y + 1.630%, 02/22/2034 (A)		200		205
5.422%, H15T1Y + 1.380%, 02/22/2029 (A)		200		204
Morgan Stanley
5.466%, SOFRRATE + 1.730%, 01/18/2035 (A)		100		102
5.173%, SOFRRATE + 1.450%, 01/16/2030 (A)		250		252
3.217%, SOFRRATE + 1.485%, 04/22/2042 (A)		150		117
Morgan Stanley Bank
4.952%, SOFRRATE + 1.080%, 01/14/2028 (A)		250		251
Nasdaq
5.950%, 08/15/2053		100		107
National Australia Bank
4.750%, 12/10/2025		250		250
Nomura Holdings
6.070%, 07/12/2028		200		207
Oesterreichische Kontrollbank
5.000%, 10/23/2026		200		204
PNC Financial Services Group
6.615%, SOFRINDX + 1.730%, 10/20/2027 (A)		250		260
Royal Bank of Canada MTN
4.875%, 01/19/2027		200		201
S&P Global
3.900%, 03/01/2062		150		122
Sumitomo Mitsui Financial Group
5.766%, 01/13/2033		200		210
5.520%, 01/13/2028		200		205
US Bancorp
5.775%, SOFRRATE + 2.020%, 06/12/2029 (A)		250		256
Wells Fargo
4.811%, 01/15/2026		250		250
3.068%, SOFRRATE + 2.530%, 04/30/2041 (A)		150		114


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Wells Fargo MTN
5.198%, SOFRRATE + 1.500%, 01/23/2030 (A)	$	250	$	252
4.611%, SOFRRATE + 2.130%, 04/25/2053 (A)		100		90
Westpac Banking
5.535%, 11/17/2028		250		260

				13,114

Health Care — 2.9%
AbbVie
4.050%, 11/21/2039		250		226
2.950%, 11/21/2026		250		240
Amgen
5.600%, 03/02/2043		250		257
5.250%, 03/02/2030		250		256
5.150%, 03/02/2028		250		255
Bristol-Myers Squibb
6.400%, 11/15/2063		125		144
3.550%, 03/15/2042		250		203
CVS Health
5.625%, 02/21/2053		250		249
5.300%, 06/01/2033		250		253
5.000%, 02/20/2026		250		251
Elevance Health
5.125%, 02/15/2053		200		196
Eli Lilly
4.950%, 02/27/2063		100		101
HCA
4.375%, 03/15/2042		250		214
3.625%, 03/15/2032		250		223
Merck
5.150%, 05/17/2063		125		127
2.350%, 06/24/2040		250		179
Pfizer Investment Enterprises Pte
5.300%, 05/19/2053		250		254
4.450%, 05/19/2026		250		249
UnitedHealth Group
5.050%, 04/15/2053		200		199
4.500%, 04/15/2033		200		197
4.250%, 01/15/2029		200		198

				4,471

Industrials — 2.0%
AerCap Ireland Capital DAC
5.300%, 01/19/2034		150		147
Boeing
5.705%, 05/01/2040		300		302
2.196%, 02/04/2026		250		235
Carrier Global
3.377%, 04/05/2040		300		241


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Caterpillar Financial Services
4.500%, 01/08/2027	$	250	$	251
John Deere Capital
4.500%, 01/08/2027		250		251
4.500%, 01/16/2029		350		350
Regal Rexnord
6.050%, 04/15/2028 (B)		250		254
RTX
6.400%, 03/15/2054		250		288
Union Pacific
4.950%, 05/15/2053		200		199
4.750%, 02/21/2026		250		251
United Airlines Pass Through Trust, Ser 2023-1, Cl A
5.800%, 01/15/2036		200		203
United Parcel Service
5.050%, 03/03/2053		200		202

				3,174

Information Technology — 2.0%
Apple
4.300%, 05/10/2033		200		202
4.000%, 05/10/2028		250		249
2.375%, 02/08/2041		150		109
Broadcom
4.150%, 04/15/2032 (B)		200		188
3.500%, 02/15/2041 (B)		250		200
Intel
5.625%, 02/10/2043		200		212
5.125%, 02/10/2030		250		257
4.875%, 02/10/2026		250		252
International Business Machines
5.100%, 02/06/2053		200		196
4.500%, 02/06/2028		250		250
Micron Technology
5.300%, 01/15/2031		250		253
Microsoft
2.921%, 03/17/2052		200		144
Oracle
4.500%, 05/06/2028		250		249
3.600%, 04/01/2040		250		200
Texas Instruments
5.050%, 05/18/2063		150		149

				3,110

Materials — 0.7%
BHP Billiton Finance USA
5.250%, 09/08/2033		150		154
4.875%, 02/27/2026		250		251
Celanese US Holdings
6.550%, 11/15/2030		250		265


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Newmont
5.750%, 11/15/2041 (B)	$	250	$	263
Rio Tinto Finance USA
5.125%, 03/09/2053		150		151

				1,084

Real Estate — 0.4%
Prologis
5.250%, 06/15/2053		100		101
Realty Income
4.750%, 02/15/2029		250		249
Sun Communities Operating
5.500%, 01/15/2029		250		253

				603

Utilities — 2.1%
AEP Transmission
5.400%, 03/15/2053		150		153
Duke Energy
4.850%, 01/05/2027		200		201
4.850%, 01/05/2029		200		201
Duke Energy Carolinas
5.400%, 01/15/2054		150		152
4.850%, 01/15/2034		200		198
Eversource Energy
5.450%, 03/01/2028		250		255
Exelon
5.150%, 03/15/2028		250		254
Georgia Power
4.950%, 05/17/2033		250		250
NextEra Energy Capital Holdings
5.250%, 02/28/2053		150		145
4.900%, 02/28/2028		250		251
Pacific Gas and Electric
6.750%, 01/15/2053		250		275
6.400%, 06/15/2033		250		265
PacifiCorp
5.800%, 01/15/2055		225		225
Southern California Edison
5.875%, 12/01/2053		150		157
Union Electric
5.250%, 01/15/2054		150		147
Virginia Electric and Power
5.350%, 01/15/2054		150		150

				3,279

Total Corporate Obligations
(Cost $39,122) ($ Thousands)				39,369


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT — 1.6%

Canada Government International Bond
3.750%, 04/26/2028	$	250	$	248
Chile Government International Bond
4.850%, 01/22/2029		200		201
Indonesia Government International Bond
5.100%, 02/10/2054		200		193
Japan Bank for International Cooperation
4.375%, 01/24/2031		200		201
Mexico Government International Bond
6.400%, 05/07/2054		200		201
6.000%, 05/07/2036		200		204
Panama Government International Bond
6.853%, 03/28/2054		200		179
Philippine Government International Bond
5.000%, 07/17/2033		200		202
Province of Alberta Canada
4.500%, 01/24/2034		250		252
Province of Ontario Canada
4.200%, 01/18/2029		250		250
Province of Quebec Canada
4.500%, 09/08/2033		250		252
3.625%, 04/13/2028		200		196

Total Sovereign Debt
(Cost $2,563) ($ Thousands)				2,579



U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9%
FHLB
4.625%, 11/17/2026		250		254
4.125%, 01/15/2027		500		501
4.000%, 06/30/2028		250		251
FNMA
0.875%, 08/05/2030		550		450



Total U.S. Government Agency Obligations
(Cost $1,447) ($ Thousands)				1,456



ASSET-BACKED SECURITIES — 0.5%
Automotive — 0.2%

CarMax Auto Owner Trust, Ser 2023-1, Cl A3
4.750%, 10/15/2027		150		150
Toyota Auto Receivables Owner Trust, Ser 2023-D, Cl A3
5.540%, 08/15/2028		150		153
				303


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Credit Cards — 0.2%

American Express Credit Account Master Trust, Ser 2022-3, Cl A
3.750%, 08/15/2027	$	150	$	148
Capital One Multi-Asset Execution Trust, Ser 2023-A1, Cl A
4.420%, 05/15/2028		150		149
				297

Other Asset-Backed Securites — 0.1%

Verizon Master Trust, Ser 2023-2, Cl A
4.890%, 04/13/2028		150		150


Total Asset-Backed Securities
(Cost $748) ($ Thousands)				750

Total Investments in Securities — 99.2%
(Cost $153,463) ($ Thousands)			$	154,592

	Percentages are based on Net Assets of $155,763 ($ Thousands).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On January 31, 2024, the value of these securities amounted to $905 ($ Thousands), representing 0.6% of the Net Assets of the Fund.

Cl — Class

H15T1Y – Harmonized Index of Consumer Prices 1 Year

NASDAQ – National Association of Securities Dealers and Automated Quotations

S&P— Standard & Poor's

SER— Series

SOFR— Secured Overnight Financing Rate

SOFRINDX— Custom SOFR Index

TBA— To Be Announced

TSFR3M— Term Secured Overnight Financing Rate 3 Month

As of January 31, 2024, all of the Fund's investments and other financial instruments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—“ are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

For the six month period ended January 31, 2024 (Unaudited) and the year ended July 31,

1. ORGANIZATION

Adviser Managed Trust (the “Trust”) was established as a Delaware statutory trust under an Agreement and Declaration of Trust dated September 22, 2010. The Trust commenced operations on February 25, 2011.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with three registered funds: Diversified Equity Fund, the Enhanced Fixed Income Fund, and the Core Fixed Income Fund (each a “Fund”, collectively, “the Funds”, each of which is a diversified fund. The Diversified Equity Fund commenced operations on March 30, 2022. The Enhanced Fixed Income Fund commenced operations on February 1, 2023. The Core Fixed Income Fund commenced operations on January 22, 2024. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Trust’s prospectus provides a description of the Funds’ investment objectives and strategies.

Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Funds. The Funds may not be purchased by any other investor. The Funds are designed to be a component of a broader strategy employed by a third party investment manager (“Financial Adviser”) for the benefit of its clients. The Financial Adviser seeks to take advantage of broad market changes by tactically shifting its clients’ assets among the Funds, and a money market fund affiliated with the Funds, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy” or “Strategy”). The Financial Adviser is not the adviser to the Funds, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Funds.

When the Financial Adviser determines to reallocate its clients’ assets to one or more of the other funds that compose the Adviser Managed Strategy, the Financial Adviser may request the redemption of a substantial portion of or all of the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Adviser’s notice of its intent to redeem or formal redemption request (collectively, “Redemption Request”) will cause a Fund to liquidate a substantial portion of or substantially all of its assets in order to fulfill the Redemption Request. If the Financial Adviser’s Redemption Request includes all of the shares for which it exercises investment discretion, the Fund will no longer be an active component of the Adviser Managed Strategy.

When the Diversified Equity Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations pending the Financial Adviser’s formal redemption request; and exchange-traded funds (ETFs) that are designed to track the performance of the broad U.S. equity market. When the Enhanced Fixed Income Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s investment goal and ETFs that are designed to track the performance of one or more broad fixed income markets. When the Core Fixed Income Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s investment goal.

A Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in a Fund following the Financial Adviser’s redemption of all of its clients’ shares from a Fund. Due to this strategy, a Fund may buy and sell securities and other instruments frequently.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation —Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations

in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board’s designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and Pricing Policy (together with SIMC’s Valuation and Pricing Policy, the “Fair Value Procedures”). As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a “Pricing Service”). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments. When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (“NASDAQ”) or as otherwise noted below) are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s net asset value is determined. The prices of foreign securities

are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, or in the case of an equity tranche of a CDO/CLO, the Funds will value the securities using a bid price from at least one independent broker.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in a Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which a Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser (“Sub Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Committee if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of the Funds’ net assets or involve a material departure in pricing methodology from that of the Funds’ existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with Rule 2a-5 and the Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when a Fund does not price its shares. As a result, the NAV of a Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or the Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset.

Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the New York Stock Exchange. These are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The valuation techniques used by the Funds to measure fair value during the six-month period ended January 31, 2024, maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six-month period ended January 31, 2024, there have been no significant changes to the Trust’s fair valuation methodologies.

For details of the investment classification, reference the Schedule of Investments.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense recognized on the ex-dividend date, and interest income or expense recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.

Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by the Funds’ custodian bank until the repurchase date of the repurchase agreement. The Funds also may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. There were no outstanding repurchase agreements as of January 31, 2024.

Reverse Repurchase Agreements — To the extent consistent with its investment objective and strategies, the Funds may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price.

Additional assets are maintained in a segregated account with the custodian. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Funds’ use of the proceeds under the reverse repurchase agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. There were no outstanding reverse repurchase agreements as of January 31, 2024.

Foreign Currency Translation — The books and records of the Funds’ investments in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, the Funds may enter into forward foreign currency contracts for hedging or speculative purposes with respect to either specific transactions, fund positions or anticipated fund positions. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details

regarding open forward foreign currency contracts as of January 31, 2024, if applicable.

Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details regarding open futures contracts as of January 31, 2024, if applicable.

Options/Swaptions Writing/Purchasing — To the extent consistent with its investment objective and strategies, the Funds may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that the Funds intend to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. The Funds may also invest in financial option/swaption contracts to enhance its returns. When a Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of

the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss.

The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statement of Assets and Liabilities. The Funds did not hold any option/swaption contracts as of January 31, 2024.

Swap Agreements — To the extent consistent with its investment objective and strategies, the Funds may invest in swap contracts for speculative or hedging purposes. Swaps may be used to synthetically obtain exposure to securities or baskets of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e.

mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements securities may be set aside as collateral by the Funds’ custodian.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

These risks may be mitigated by having a master netting arrangement between the Funds and a counterparty and by having the counterparty post collateral to cover the Funds’ exposure to the counterparty. See Note 3 for further details. The Funds did not hold any swap contracts as of January 31, 2024.

Delayed Delivery Transactions — To the extent consistent with its investment objective and strategies, the Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset

value. A Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the security.

Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, the Funds may invest in U.S. dollar-denominated fixed - and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). A Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in this Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Fund generally have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and a Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of January 31, 2024, the Funds did not hold any loans.

Collateralized Debt Obligations — To the extent consistent with its investment objective and strategies, the Funds may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed security. A CLO is a trust, typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate

corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For CDOs, the cash flows from the Trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDOs or CLOs as of January 31, 2024.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders annually by the Diversified Equity Fund and quarterly by the Enhanced Fixed Income Fund and Core Fixed Income Funds. Dividends and distributions are recorded on the ex-dividend date. Any net realized capital gains will be distributed at least annually by the Funds.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to

capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. DERIVATIVE TRANSACTIONS

The Funds are subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. The Funds’ overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer account agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant

clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared Over the Counter (“OTC”) derivatives.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Funds and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

4. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration & Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to the Funds. In connection with serving as Adviser, SIMC is entitled to a fee that is calculated daily and paid monthly, based on the average daily net assets of the Funds.

The Trust and SEI Investments Global Funds Services (the “Administrator”) are parties to an Administration and Transfer Agency Agreement under which the Administrator provides administrative and transfer agency services for annual fees, based on the average daily net assets of the Funds.

SEI Investments Distribution Co. (the “Distributor”), serves as the Funds’ Distributor pursuant to a distribution agreement with the Trust. The Funds have adopted a shareholder services plan (the “Service Plan”) with respect to the Shares that allows such Shares to pay service providers a fee in connection with the

ongoing servicing of shareholder accounts owning such Shares at an annual rate of average daily net assets of the Shares. The Funds’ Service Plan provides that shareholder servicing fees on the Shares will be paid to the Distributor, which may be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to the Shares.

The Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for the Funds until November 30, 2024, in order to keep total fund operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes and other extraordinary expenses not incurred in the ordinary course of the Funds’ business) from exceeding the levels specified in the table below. These contractual waivers and reimbursements will only apply if a Funds’ total operating costs exceed the applicable thresholds and will not affect the Funds’ total operating costs if they are less than the applicable thresholds. In other words, shareholders will pay the lower of the Funds’ actual total fund operating expenses or total fund operating expenses after contractual waivers and expense reimbursements. The contractual waiver and expense reimbursement are limited to the Funds’ direct operating

expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (“AFFE”). The agreement may be amended or terminated only with the consent of the Board of Trustees.

The Funds’ adviser, the Funds’ administrator and/or the Funds’ distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, trustee fees, taxes and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at the levels specified in the table below. The voluntary waivers of the Funds’ adviser, Funds’ administrator and Funds’ distributor are limited to the Funds’ direct operating expenses and therefore do not apply to indirect expenses incurred by the Funds, such as AFFE, if any. The Funds’ adviser, the Funds’ administrator and/or the Funds’ distributor may discontinue all or part of these waivers at any time.

The following is a summary of annual fees payable to the Adviser and Distributor and the expense limitations for the Funds:

* Effective November 30, 2023, the Funds’ administrator and its affiliates have contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep total annual Fund operating expenses (exclusive of interest from borrowings, brokerage commissions, trustees’ fees, taxes and other extraordinary expenses not incurred in the ordinary course of the Funds’ business) from exceeding 0.75% (for the Diversified Equity Fund), 0.92% (for the Enhanced Fixed Income Fund) and 0.70% (for the Core Fixed Income Fund). This fee waiver and reimbursement agreement shall remain in effect until November 30, 2024. The agreement may be amended or terminated only with the consent of the Board of Trustees of the Funds.

** SIMC has contractually agreed to waive its advisory fee as necessary to keep the advisory fee paid by the Fund during its fiscal year from exceeding 0.10%. This fee waiver agreement shall remain in effect until November 30, 2024. The agreement may be amended or terminated only with the consent of the Board of Trustees.

As of January 31, 2024, SIMC has entered into an investment sub-advisory agreement with the following party and pays the sub-adviser out of the fee that it receives from the Funds. When a Fund is not an active component of the Adviser Managed Strategy, SIMC will act as the sole manager to that Fund, and a sub-adviser will not be used.

Investment Sub-Adviser

Diversified Equity Fund

SSgA Funds Management, Inc.

Core Fixed Income Fund

SSgA Funds Management, Inc.

Other — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on Fund transactions effected for the Trust in accordance with Securities and Exchange Commission (“SEC”) rules. Accordingly, it is expected that Fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.

There were no such commissions for the six-month period ended January 31, 2024.

Payments to Affiliates — Certain officers and/or trustees of the Trust are also officers or directors of the Distributor or the Adviser. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim and committee meetings.

Compensation of officers and affiliated Trustees of the Trust is paid by the Adviser or Administrator.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Funds’ expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statement of Operations and the effect on the Funds’ expense ratios, as a percentage of the Funds’ average daily net assets for the six-month period ended January 31, 2024, can be found on the Financial Highlights, if applicable.

Investment in Affiliated Security — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. The Funds may also purchase securities of certain companies with which it is affiliated to the extent these companies are represented in an index that the

Adviser or Sub-Adviser is passively seeking to replicate in accordance with the Funds’ investment strategy.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

As of, and during the six-month period ended January 31, 2024, the Trust had not participated in the Program.

Capital Share Transactions for the year or periods ended January 31 for the Funds were as follows (Thousands):

(1)	For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(2)	Commenced operations on February 1, 2023.
(3)	Commenced operations on January 22, 2024.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the six-month period ended January 31, 2024, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Diversified Equity Fund
Purchases	$	—	$	1,762	$	1,762
Sales		—		23,966		23,966
Enhanced Fixed Income Fund
Purchases		—		1,621		1,621
Sales		—		1,351		1,351
Core Fixed Income Fund
Purchases		112,243		43,434		155,677
Sales		2,211		—		2,211

7. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company, under Sub chapter M of the Internal Revenue Code, and to distribute all of its

taxable income and net capital gains. Accordingly, no provision for Federal income taxes is required.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings (loss), as appropriate, in the period that the differences arise.

The permanent differences primarily consist of reclassification of long term capital gain distribution on REITs, and investments in PFICs. The permanent differences that are credited or charged to paid-in-capital and distributable earnings (accumulated losses) are related to capital losses lost and have been reclassified to/from the following accounts as of July 31, 2023:

		Distributable Earnings (Accumulated Loss) ($ Thousands)				Paid-in- Capital ($ Thousands)
Diversified Equity Fund		$	7,221			$	(7,221	)

The tax character of dividends and distributions paid during the fiscal year were as follows:

As of July 31, 2023, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

Post-October losses represent losses realized on investment transactions from November 1, 2022 through July 31, 2023 that in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

During the year ended July 31, 2023, the Diversified Equity Fund utilized $3,215 ($ Thousands) of capital loss carryforwards to offset capital gains and $7,221 ($ Thousands) to write off the remaining capital loss carryforwards balance.

For Federal income tax purposes, the cost of securities owned at January 31, 2024, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, partnership basis adjustments, mark-to-market of futures contracts, and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at January 31, 2024, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Diversified Equity Fund	$	234,011	$	43,075	$	(7,695	)	$	35,380
Enhanced Fixed Income Fund		39,289		427		(41	)		386
Core Fixed Income Fund		153,463		1,129		—			1,129

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of January 31, 2024, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against

the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

The following is not intended to be a complete discussion of the risks associated with investing in the Funds. Please review the Funds’ prospectus for additional disclosures regarding the principal risks associated with investing in the Funds.

Adviser Managed Strategy Risk — The Funds are a component of a broader investment strategy employed by the Financial Adviser known as the Adviser Managed Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser tactically shifts its clients’ assets among the Funds and a money market fund affiliated with the Funds. These asset shifts among the Funds in the Adviser Managed Strategy (i.e., an exchange of shares of one fund for shares of another fund) will be a taxable event to an investor unless the investor is investing in the Funds through a tax-deferred arrangement. As part of the Adviser Managed Strategy, substantial portions or substantially all of a Fund’s shares may be periodically sold and repurchased at the direction of the Financial Adviser. These large redemptions and repurchases will have significant effects on the management of a Fund and are expected to result in increased portfolio turnover (and related transaction costs), disruption of portfolio management strategies and the realization of significant taxable gains. If notified by the Financial Adviser of an upcoming redemption request, a Fund may begin to liquidate substantial portions or substantially all of its assets prior to the submission of the redemption request in an effort to raise the necessary cash, and a Fund will not be invested pursuant to its investment strategy during such time. Further, it is possible that, subsequent to providing such notice of an expected redemption, the Financial Adviser may withdraw that notice due to the Adviser Managed Strategy, at which point a Fund may then repurchase securities to invest to strategy resulting in the same detrimental effects to the portfolio as large share redemptions and purchases. When a Fund is

required to rapidly liquidate a substantial portion of its portfolio to satisfy a large redemption order placed as part of the Adviser Managed Strategy, a Fund may be forced to sell securities at below current market values or a Fund’s selling activity may drive down the market value of securities being sold. A Fund may also be required to sell portfolio holdings at a time when the portfolio managers would otherwise not recommend doing so. For example, if a Fund were to experience a large redemption at a time of high market volatility or during a substantial market decline, a Fund would be forced to liquidate securities even though the portfolio managers may not otherwise choose to do so. When a Fund receives a large purchase order as a result of the Adviser Managed Strategy, a Fund may be required to rapidly purchase portfolio securities. This may cause a Fund to incur higher than normal transaction costs or may require a Fund to purchase portfolio securities at above current market values. Further, a Fund’s purchasing activity may drive up the market value of securities being purchased or a Fund may be required to purchase portfolio securities at a time when the portfolio managers would not otherwise recommend doing so. When a Fund is not an active component of the Adviser Managed Strategy, a Fund’s investments may not be consistent with a Fund’s investment goal, and a Fund may miss investment opportunities because the assets necessary to take advantage of such opportunities are tied up in other investments or have been allocated to another fund within the Adviser Managed Strategy.

Asset Allocation Risk — The risk that SIMC’s decisions regarding allocation of a Fund’s assets among Indexes and for direct management will not anticipate market trends successfully.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — As a result of a Fund’s investments in securities denominated in and/or receiving revenues in foreign currencies, the Funds will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and

the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

Derivatives Risk — A Fund’s use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. A Fund’s use of forward contracts and swap agreements is also subject to valuation risk and credit risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described below. Each of these risks could cause a Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit

risk as issuers of fixed income securities. A Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

Exchange Traded Funds (ETFs) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. A Fund indirectly bears the proportionate share of any fees and expenses of the ETF in addition to the fees and expenses that a Fund and its shareholders directly bear in connection with a Fund’s operations.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds.

Investment Style Risk — The risk that a Fund’s investment approach may underperform other segments of the equity markets or the equity markets as a whole.

Leverage Risk — The use of leverage can amplify the effects of market volatility on a Fund’s share price and may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price of the security, sell other securities instead

or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

Portfolio Turnover Risk — Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect a Fund’s performance.

Real Estate Investment Trust (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. A Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Funds may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

Tracking Error Risk — The risk that a Fund’s performance may vary substantially from the performance of the Indexes it tracks as a result of cash

flows, Fund expenses, imperfect correlation between a Fund’s investments and the Indexes’ components and other factors.

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of January 31, 2024, SPTC held of record the following percentage of outstanding shares:

Diversified Equity Fund	100.00%
Enhanced Fixed Income Fund	100.00%
Core Fixed Income Fund	99.95%

SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the Financial Adviser. SPTC maintains omnibus accounts at the Funds’ transfer agent.

10. REGULATORY MATTERS

Effective June 30, 2023, the U.K. Financial Conduct Authority stopped compelling or inducing banks to submit LIBOR rates. Investments impacted by the discontinuation of LIBOR may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (composed of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, to replace U.S. dollar LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of SOFR as a replacement rate. On March 15, 2022, the Adjustable Interest Rate Act was signed into law (the “LIBOR Act”), which, in conjunction with regulations adopted by the Federal Reserve Board, establishes SOFR as the default fallback rate for any U.S. contract without a fallback provision. As of July 1, 2023 and continuing through September 30, 2024, the U.K. Financial Conduct Authority will publish 1-, 3- and 6-month synthetic U.S. dollar LIBOR settings based on SOFR to serve as a fallback for non-U.S. contracts.

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (August 1, 2023 through January 31, 2024).

Actual fund return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% return: This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 8/1/23		Ending Account Value 1/31/24		Annualized Expense Ratios			Expenses Paid During Period *
Diversified Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,047.30		0.50	%	$	2.58
Hypothetical 5% Return
Class A	$	1,000.00	$	1,022.69		0.50	%	$	2.55

Enhanced Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,040.80		0.41	%	$	2.11
Hypothetical 5% Return
Class A	$	1,000.00	$	1,023.14		0.41	%	$	2.09

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Katherine Mason

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

(a) The Schedules of Investments are included as part of the Report to Shareholders filed under Item 1 of this form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Depreciation)(Thousands)
Long Contracts
MSCI EAFE Index		195		Mar-2024	$	21,091	$	21,772	$	681
MSCI Emerging Markets		213		Mar-2024		10,500		10,446		(54	)
Russell 2000 Index E-MINI		3		Mar-2024		297		294		(3	)
Russell 2000 Index E-MINI		116		Mar-2024		11,025		11,344		319
S&P 500 Index E-MINI		15		Mar-2024		3,578		3,652		74
					$	46,491	$	47,508	$	1,017

Adviser Managed Trust – ‘N-CSRS’ for 1/31/24

On: Tuesday, 4/9/24, at 11:31am ET · Effective: 4/9/24 · For: 1/31/24 · Accession #: 1398344-24-6990 · File #: 811-22480

Previous ‘N-CSRS’: ‘N-CSRS’ on 4/3/23 for 1/31/23 · Latest ‘N-CSRS’: This Filing

Semi-Annual Certified Shareholder Report by an Investment Company — Form N-CSR — ICA’40

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‘N-CSRS’ — Semi-Annual Certified Shareholder Report by an Investment Company

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Dates Referenced Herein and Documents Incorporated by Reference

Schedules of Investments	1
Statements of Assets and Liabilities	28
Statements of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	32
Disclosure of Fund Expenses	47

	Diversified Equity Fund			Enhanced Fixed Income Fund⁽¹⁾			Core Fixed Income Fund⁽²⁾
Investment income:
Dividends	$	2,147		$	1,303		$	—
Dividends from affiliated investments⁽³⁾		68			6			—
Interest income		1,050			6			103
Less: foreign taxes withheld		(15	)		—			—
Total investment income		3,250			1,315			103
Expenses:
Shareholder servicing fees		393			49			8
Administration fees		314			39			7
Investment advisory fees		314			59			5
Trustee fees		4			1			—
Chief Compliance Officer fees		1			—			—
Professional fees		46			10			1
Printing fees		18			2			—
Registration fees		15			2			—
Custodian/wire agent fees		6			5			—
Other expenses		45			4			1
Total expenses		1,156			171			22
Less:
Waiver of investment advisory fees		(251	)		(50	)		(3	)
Waiver of Shareholder Servicing Fees		—			—			(3	)
Waiver of administration fees		(115	)		(39	)		(5	)
Net expenses		790			82			11
Net investment income		2,460			1,233			92
Net realized gain (loss) on:
Investments		1,448			(48	)		(4	)
Futures contracts		(929	)		—			—
Net realized gain (loss)		519			(48	)		(4	)
Net change in unrealized appreciation (depreciation) on:
Investments		12,684			417			1,129
Futures contracts		(1,104	)		—			—
Foreign currency and translation of other assets and liabilities denominated in foreign currency		2			—			—
Net change in unrealized appreciation (depreciation)		11,582			417			1,129
Net realized and unrealized gain		12,101			369			1,125
Net increase in net assets resulting from operations	$	14,561		$	1,602		$	1,217

(1)	Commenced operations on February 1, 2023.
(2)	Commenced operations on January 22, 2024.
(3)	See Note 4 in the Notes to Financial Statements.

	Net asset value, beginning of year or period		Net investment income⁽¹⁾		Net realized and unrealized gains (losses) on securities⁽¹⁾			Total from operations			Dividends from net investment income			Distributions from realized gains			Total dividends and distributions			Net asset value, end of year or period		Total return^†			Net assets, end of year or period ($ Thousands)		Ratio of net expenses to average net assets			Ratio of expenses to average net assets (excluding waivers and reimbursements)			Ratio of net investment income to average net assets			Portfolio turnover rate^†
Diversified Equity Fund
2024@	$	9.69	$	0.07	$	0.39		$	0.46		$	(0.16	)	$	(0.10	)	$	(0.26	)	$	9.89		4.73	%	$	313,642		0.50	%		0.74	%		1.56	%		1	%
2023⁽²⁾		8.86		0.14		0.69			0.83			–			–			–			9.69		9.37			323,151		0.50			0.81			1.59			132
2022⁽³⁾⁽⁴⁾		10.00		0.01		(1.15	)		(1.14	)		–	^^‡		–			–	^^‡		8.86		(11.38	)		145		0.50			1.04			0.19			6,822	⁽⁵⁾
Enhanced Fixed Income Fund
2024@	$	9.83	$	0.30	$	0.09		$	0.39		$	(0.31	)	$	–		$	(0.31	)	$	9.91		4.08	%	$	39,837		0.41	%		0.87	%		6.25	%		3	%
2023⁽⁶⁾		10.00		0.22		(0.18	)		0.04			(0.21	)^‡		–			(0.21	)^‡		9.83		0.42			39,312		0.41			0.86			4.59			56
Core Fixed Income Fund
2024@⁽⁷⁾	$	10.00	$	0.01	$	0.07		$	0.08		$	–		$	–		$	–		$	10.08		0.80	%	$	155,763		0.37	%		0.75	%		3.04	%		1	%

@	For the period ended January 31, 2024. All ratios for the period have been annualized.
(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.
(2)	For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(3)	For the period April 26, 2022 through July 31, 2022, the Fund was not an active component of the Adviser Managed Strategy (see Note 1).
(4)	Commenced operations on March 30, 2022. All ratios for the period have been annualized.
(5)	Portfolio turnover rate reflects the Financial Advisor’s strategy to exercise its investment discretion which leads to the Fund buying and selling securities and other instruments frequently. Please see Note 1 for further details.
(6)	Commenced operations on February 1, 2023. All ratios for the period have been annualized.
(7)	Commenced operations on January 22, 2024. All ratios for the period have been annualized.
^†	Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^	Amount is less than $0.005 per share.
^‡	Includes return of capital of less than $0.005 per share.

	Advisory Fee			Shareholder Servicing Fee			Contractual Expense Limitation			Voluntary Expense Limitation
Diversified Equity Fund		0.20	%		0.25	%		0.75	%*		0.56	%
Enhanced Fixed Income Fund**		0.30	%		0.25	%		0.92	%*		0.41	%
Core Fixed Income Fund		0.15	%		0.25	%		0.70	%*		0.33	%

	Contractual Fees
		First $2.5 Billion		Next $500 Million		Over $3 Billion
Diversified Equity Fund		0.2000	%	0.1650	%	0.1200	%

	Contractual Fees
		First $1.5 Billion		Next $500 Million		Next $500 Million		Next $500 Million		Over $3 Billion
Enhanced Fixed Income Fund		0.2000	%	0.1775	%	0.1550	%	0.1325	%	0.1100	%

	Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Total ($ Thousands)
Diversified Equity Fund
2023	$	—	$	—	$	—	$	—
2022		29		—		1		30
Enhanced Fixed Income Fund
2023		806		—		10		816

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Post- October Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Diversified Equity Fund	$	5,127	$	294	$	—		$	15,905		$	21,326
Enhanced Fixed Income Fund		—		—		(25	)		(766	)		(791	)

	Adviser Managed Trust

By	/s/ *Robert A. Nesher*
	Robert A. Nesher
	President & CEO
Date: April 9, 2024

This ‘N-CSRS’ Filing	Date	Other Filings

	11/30/24
	9/30/24
	7/31/24
Filed on / Effective on:	4/9/24
For Period end:	1/31/24	NPORT-P, NPORT-P/A
	1/22/24
	11/30/23	485BPOS
	8/1/23
	7/31/23	24F-2NT, N-CEN, N-CSR, NPORT-P
	7/1/23
	6/30/23	N-PX, N-PX/A
	2/1/23
	1/31/23	40-17G, N-CSRS, NPORT-P
	11/1/22
	8/1/22
	7/31/22	24F-2NT, N-CEN, N-CSR, NPORT-P
	4/26/22
	3/30/22
	3/15/22
	2/25/11
	9/22/10
	6/18/04
		List all Filings

Adviser Managed Trust – ‘N-CSRS’ for 1/31/24

On: Tuesday, 4/9/24, at 11:31am ET · Effective: 4/9/24 · For: 1/31/24 · Accession #: 1398344-24-6990 · File #: 811-22480

Previous ‘N-CSRS’: ‘N-CSRS’ on 4/3/23 for 1/31/23 · Latest ‘N-CSRS’: This Filing

Semi-Annual Certified Shareholder Report by an Investment Company — Form N-CSR — ICA’40Filing Table of Contents

‘N-CSRS’ — Semi-Annual Certified Shareholder Report by an Investment Company

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Semi-Annual Certified Shareholder Report by an Investment Company — Form N-CSR — ICA’40

Filing Table of Contents